A profit that arises from events or transaction which are incidental to business such as sale or fixed asset
It refers to the product in which the business unit is dealing. I e . in terms of which it is buying and selling or producing and selling.
Sales less cost of sales.
GAAP stands for Generally Accepted Accounting Principles which are conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.
Money you are given from a grant making organization
Revenue that results when a plant asset is sold for more than book value
A journal amount column that is not headed with an account title
governmental properties that benefit future periods
A journal with two amount columns in which all kinds of entries can be recorded
A ledger that contains all accounts needed to prepare financial statements
The value of a business in excess of the total investment of owners
Estimating inventory by using the previous year’s percentage of gross profit on operations
The revenue remaining after cost of merchandise sold has been deducted