This is usually net income—what’s left after paying expenses or the net profit. These are the expenses that a company incurs to run its business. The term may emerge in the context of gross profit and operating profit. Profit is referred to as net income on the income statement. Net income…

The account to be debited is the asset account Accounts Receivable. The other account involved, however, cannot be the asset Cash since cash was not received. Revenues and gains are recorded in accounts such as Sales, Service Revenues, Interest Revenues (or Interest Income), and Gain on Sale of Assets. Accountants…

We provide project-based bookkeeping services to bring your financial records fully up to date and accurate. Using an accounting simulation alongside QuickBooks 2025, students will deepen their understanding of financial reporting, internal controls, payroll systems, and computerized accounting. Take your accounting skills to the next level in this 13-week advanced…

Asset revaluation is not just a mere adjustment in figures; it’s a reflection of a company’s adaptability to the changing economic landscape, providing stakeholders with a transparent and updated view of the company’s asset values. However, if there’s a credit balance in the revaluation surplus concerning that asset, the decrease…