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In double-entry bookkeeping, a sale of merchandise is recorded in the general journal as a debit to cash or accounts receivable and a credit to the sales account. [3] The amount recorded is the actual monetary value of the transaction, not the list price of the merchandise.
Financial accounting reports the results and position of business to government, creditors, investors, and external parties. Cost Accounting is an internal reporting system for an organisation's own management for decision making.
Employees also need these reports in making collective bargaining agreements (CBA) with the management, in the case of labor unions or for individuals in discussing their compensation, promotion and rankings. Prospective investors make use of financial statements to assess the viability of investing in a business. Financial analyses are often ...
Gross merchandise volume (alternatively gross merchandise value or GMV) is a term used in online retailing to indicate a total sales monetary-value (e.g. in U.S. dollars or Euros) for merchandise sold through a particular marketplace over a certain time frame. GMV includes any fees or other deductions which a seller might calculate separately.
In more formal usage, revenue is a calculation or estimation of periodic income based on a particular standard accounting practice or the rules established by a government or government agency. Two common accounting methods, cash basis accounting and accrual basis accounting, do not use the same
In economics, goods are items that satisfy human wants [1] and provide utility, for example, to a consumer making a purchase of a satisfying product. [2] Economics focuses on the study of economic goods, or goods that are scarce; in other words, producing the good requires expending effort or resources.
In business and accounting/accountancy, perpetual inventory system or continuous inventory system describes systems of inventory where information on inventory quantity and availability is updated on a continuous/real-time basis as a function of doing business. [1]
In particular, it was the need for audited accounts that sealed the fate of managerial cost accounting. The dominance of financial reporting accounting over management accounting remains to this day with few exceptions, and the financial reporting definitions of 'cost' have distorted effective management 'cost' accounting since that time.