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Solid Footing Ch. 4

Accrual Basis Accounting

Before learning about the different revenue and expense accounts, it’s critical to understand accrual basis accounting. The accrual basis accounting system states that revenues and expenses must be recorded in the period in … Read More

Expenses

Expense accounts represent costs incurred from business operations. Some common expense accounts you’ll deal with are: Account In relation to a lemonade stand… Cost of … Read More

Revenues

Revenue accounts represent income from business operations. The two most common revenue accounts you’ll deal with are: Account In relation to a lemonade stand… Service … Read More