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  2. Cost accounting - Wikipedia

    en.wikipedia.org/wiki/Cost_accounting

    Variable costs as a percentage of sales are equal to 100% minus the contribution margin ratio. Thus, in the above income statement, the variable costs are 60% (100% - 40%) of sales, or $648,000 ($1,080,000 X 60%).

  3. Cost of goods sold - Wikipedia

    en.wikipedia.org/wiki/Cost_of_goods_sold

    Cost of goods sold (COGS) (also cost of products sold (COPS), or cost of sales [1]) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase ...

  4. Trading statement - Wikipedia

    en.wikipedia.org/wiki/Trading_statement

    The trading statement is an expanded version of sales portion of the Income statement. The trading statement's main objective is to determine sales, cost of sales and gross profit . [ 1 ] The trading statement is part of effective book keeping within the accounting discipline .

  5. Sales (accounting) - Wikipedia

    en.wikipedia.org/wiki/Sales_(accounting)

    Gross sales are the sum of all sales during a time period. Net sales are gross sales minus sales returns, sales allowances, and sales discounts. Gross sales do not normally appear on an income statement. The sales figures reported on an income statement are net sales. [4] sales returns are refunds to customers for returned merchandise / credit ...

  6. Financial statement - Wikipedia

    en.wikipedia.org/wiki/Financial_statement

    An income statement reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.

  7. Final accounts - Wikipedia

    en.wikipedia.org/wiki/Final_accounts

    Final accounts gives an idea about the profitability and financial position of a business to its management, owners, the public and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced in a Trial Balance. These final tallies are prepared for a specific period.

  8. Consolidated financial statement - Wikipedia

    en.wikipedia.org/wiki/Consolidated_financial...

    Goodwill is treated as an intangible asset in the consolidated statement of financial position. It arises in cases where the cost of purchase of shares is not equal to their par value. For example, if a company buys shares of another company worth $40,000 for $60,000, there is a goodwill worth $20,000.

  9. List of FASB pronouncements - Wikipedia

    en.wikipedia.org/wiki/List_of_FASB_pronouncements

    Profit Recognition on Sales-Type Leases of Real Estate—an amendment of FASB Statement No. 13: April 1979: Rescinded by SFAS No. 98 27: Classification of Renewals or Extensions of Existing Sales-Type or Direct Financing Leases—an amendment of FASB Statement No. 13: May 1979: 28: Accounting for Sales with Leasebacks—an amendment of FASB ...