Income Statement

What Is an Income Statement? An income statement, otherwise known as a profit and loss statement, is a summary of a company’s profit or loss during any one given period of time (such as a month, three months, or one year). The income statement records all revenues for...

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Public Company Accounting Oversight Board

What is a 'Public Company' A public company is a company that has issued securities through an initial public offering (IPO) and is traded on at least one stock exchange or the over-the-counter market. Although a small percentage of shares may be initially floated to the public,...

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Inventory Accounting

Inventory Definition: Inventory is an asset that is intended to be sold in the ordinary course of business. Inventory may not be immediately ready for sale. Inventory items can fall into one of the following three categories: Held for sale in the ordinary course of...

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System Of Accounting For Cost

What is the Accounting Cycle? The accounting cycle is a series of activities used to identify and record an entity's individual transactions. These transactions are then aggregated at the end of each reporting period into financial statements. The accounting cycle is essentially...

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Cost Accounting

What is 'Cost Accounting'? Cost accounting is a type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will...

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