Tag: revenue

Comprehensive Income

See Also: Accounting Income vs. Economic Income Accounting Income Definition Economic Income Income Statement Net Income Debt Restructuring Maximizing Your Bottom Line In 3 Simple Steps Net Profit Margin Analysis Define Comprehensive Income Define Comprehensive Income as the overall change in wealth for a company during a period. This includes not only the growth through

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Completed Contract Method

See Also: Accounting Principles Percentage of Completion Method Installment Method Point of Sale Method (POS) Cost Recovery Method Completed Contract Method Definition The completed contract method is also known as the contract completion method. It is a form of revenue recognition used for project based accounting such as construction. The completed contract method of accounting records

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Commission Accounting

See Also: Accounting Principles Accounting Concepts Income Statement Accrual Based Accounting Payroll Accounting Commission Accounting Definition Commission Accounting can easily be defined as a revenue or expense to the company during the process of a sale. Typically this type of accounting is used for real estate firms who work off of commission or a similar

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Adjusting Entries

See Also: Accounting Principles Accounting Concepts Accrual Based Accounting Prepaid Income Tax Deferred Revenue Adjusting Entries Definition There are generally two types of adjusting journal entries done during the period. First, an adjusting entry can be an entry made at the end of a period. These adjusting entries record an unrecognized revenue or expense occurred

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Defend the Bottom Line!

During a downturn in the economy the overriding goal of the Chief Financial Officer and management team is to defend the bottom line or profitability of the company. At a minimum you should achieve break even. The economy ebbs and flows like the tide. During the good times a company should generate profits and pay

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