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What Is an Operating Expense?
Operating expenses have to do with the day-to-day activities of your business. Unlike Cost of…
What Is The Purpose of an Income Statement?
The income statement is a results-oriented report, showing the net income or loss over a…
What Is the Purpose of a Balance Sheet?
The balance sheet provides a snapshot of a company’s assets, liabilities, and equity at the end of…
What Is The Difference Between Cash & Accrual Accounting?
The difference between cash and accrual accounting lies in when money is recognized as having come into…
What are FIFO, LIFO, and Weighted Average?
LIFO and FIFO are some of the most recognizable accounting terms in the industry, even…
