Is Merchandise Inventory an Asset?
Is Merchandise inventory an asset? Effective inventory management is essential for the business success of wholesalers, retailers, and distributors. Oftentimes, …
Accounting
Is accounts payable a permanent account?
Is accounts payable a permanent account? Accounts payable (AP) is the short-term obligations listed on the balance sheet which have …
Is service revenue a permanent account?
Is service revenue a permanent account? Service revenue is the income that a company generates from rendering a service. A …
Income Statement Ratios Formulas and Examples
Income statement ratios are important when analyzing the income statement of a company. The income statement ratios formulas are created …
Statement of Cash Flows Examples and Purpose
The statement of cash flows or cash flow statement is an important financial statement that shows the cash inflows and …
Is Prepaid Expense an Asset?
Is prepaid expense an asset? Oftentimes, businesses incur a type of expense known as a prepaid expense where a company …
Is Prepaid Rent a Permanent Account?
Is prepaid rent a permanent account? Prepaid rent is the rent paid before the rental period to which it is …
What type of Account is Sales Returns and Allowances?
What type of account is sales returns and allowances? Although goods are sold to customers, not all customers are satisfied …
What type of Account is Sales Returns and Allowances? Read More »
Unearned revenue is what type of account?
Unearned revenue is what type of account? There are situations whereby companies receive payment from customers for goods or services …
What type of account is cost of goods sold?
What type of account is cost of goods sold? The cost of goods sold (COGS) is a listed item on …