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Statement Of Comprehensive Income
An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a ''profit and loss statement'' (P&L), ''statement of profit or loss'', ''revenue statement'', ''statement of financial performance'', ''earnings statement'', ''statement of earnings'', ''operating statement'', or ''statement of operations'') is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues (also known as the ''“top line”'') are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported. An income statement represents a period of time (as does the cash flow statement). This contrasts with the balance sheet, which represe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sankey Diagram - Income Statement
Sankey, also spelled Sanchi, Zanchi may refer to: People: *Bishop Sankey (b 1992), American football running back *Ben Sankey (b 1976), American football quarterback *Ben Sankey (baseball), Ben Sankey (1907–2001), American baseball player *Clarence Sankey (1913–1996), Australian cricketer *David Sankey, Pennsylvanian state senator *Derek Sankey (b 1948), Canadian basketball player *Herbert Stuart Sankey (1854–1940), British barrister and politician *Ira D. Sankey (1840–1908), American gospel singer and composer *Jay Sankey, Canadian magician *Jerome Sankey, English Civil War soldier and politician *John Sankey, 1st Viscount Sankey (1866–1948), British politician *John Sankey (drummer), John Sankey, Australian heavy metal drummer * Joseph Sankey (b 1826), founder of Joseph Sankey & Sons Ltd. later part of GKN. *Matthew Henry Phineas Riall Sankey (1853–1926), Irish engineer and creator of the Sankey diagram *Maurie Sankey (1940–1965), Australian rules football player *Ph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FASB
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation. FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). Structure The FASB is based in Norwalk, Connecticut, and is led by seven full-time Board members,Spiceland, David; Sepe, James; Nelson, Mark; & Tomassini, Lawrence (2009). ''Intermediate Accounting'' (5th Edition). McGraw-Hill/Irwi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Expense
Interest expense relates to the cost of borrowing money. It is the price that a lender charges a borrower for the use of the lender's money. On the income statement, interest expense can represent the cost of borrowing money from banks, bond investors, and other sources. Interest expense is different from operating expense and CAPEX, for it relates to the capital structure In corporate finance, capital structure refers to the mix of various forms of external funds, known as capital, used to finance a business. It consists of shareholders' equity, debt (borrowed funds), and preferred stock, and is detailed in the ... of a company, and it is usually tax-deductible. On the income statement, interest income and interest expense are reported separately, or sometimes together under either "interest income - net" (if there is a surplus in interest income) or "interest expense - net" (if there is a surplus in interest expense). Calculation The following shows the calculatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intangible Asset
An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, exclusive franchises, Goodwill (accounting), goodwill, trademarks, and trade names, reputation, Research and development, R&D, Procedural knowledge, know-how, organizational capital as well as any form of digital asset such as software and data. This is in contrast to physical assets (machinery, buildings, etc.) and financial assets (government securities, etc.). Intangible assets are usually very difficult to Valuation (finance), value. Today, a large part of the corporate economy (in terms of net present value) consists of intangible assets, reflecting the growth of information technology (IT) and organizational capital. Specifically, each dollar of IT has been found to be associated with and increase in firm market valuation of over $10, compared with an increase of just over $1 per dollar of investment in other tangible assets. Furthermore, firms that both make organizational capit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Asset
Fixed assets (also known as long-lived assets or property, plant and equipment; PP&E) is a term used in accounting for assets and property that may not easily be converted into cash. They are contrasted with current assets, such as cash, bank accounts, and short-term debts receivable. In most cases, only tangible assets are referred to as fixed. While IAS 16 (International Accounting Standard) does not define the term ''fixed asset'', it is often colloquially considered a synonym for property, plant and equipment. According to IAS 16.6, property, plant and equipment are tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and (b) are expected to be used during more than one period. Fixed assets are of two types: * those which are purchased with legal right of ownership (in the case of property, known as ''freehold assets''), and * those for which the owner has temporary ownership ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amortization (accounting)
In accounting, amortization is a method of obtaining the expenses incurred by an intangible asset arising from a decline in value as a result of use or the passage of time. Amortization is the acquisition cost minus the residual value of an asset, calculated in a systematic manner over an asset's useful economic life. Depreciation is a corresponding concept for tangible assets. Methodologies for allocating amortization to each accounting period are generally the same as those for depreciation. However, many intangible assets such as goodwill or certain brands may be deemed to have an indefinite useful life and are therefore not subject to amortization (although goodwill is subjected to an impairment test every year). While theoretically amortization is used to account for the decreasing value of an intangible asset over its useful life, in practice many companies will amortize what would otherwise be one-time expenses through listing them as a capital expense on the ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation
In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. Account ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SG&A
SG&A (alternately SGA, SAG, G&A or SGNA) is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement (statement of profit or loss). SGA expenses consist of the combined costs of operating the company, which breaks down to: * Selling: The sum of all direct and indirect selling expenses, which includes salaries of labour (excluding those related to the production itself which are cost of goods sold), advertising expenses, rent, and all expenses and taxes related to selling product; * General: General operating expenses and taxes that are directly related to the general operation of the company, but do not relate to the other two categories; * Administration: Executive salaries and general support and all associated taxes related to the overall administration of the company. These expenses are sometimes referred to as company overheads, as they can not be traced directly to the p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Absorption Costing
Total absorption costing (TAC) is a method of Accounting cost which entails the full cost of manufacturing or providing a service. TAC includes not just the costs of materials and labour, but also of all manufacturing overheads (whether ‘fixed’ or ‘variable’). The cost of each cost center can be direct or indirect. The direct cost can be easily identified with individual cost centers. Whereas indirect cost cannot be easily identified with the cost center. The distribution of overhead among the departments is called apportionment. Primary apportionment or distribution of overheads The selection of the base on which overheads are or should be apportioned depends on the following principles: * Service or use basis: If the benefit obtained by various departments from the overheads can be measured, overheads can be apportioned on that basis. * Survey basis: If amount of overhead can't be measured survey basis can be applied. For example, if it can be noted that a supervisor is g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Sales
Cost of goods sold (COGS) (also cost of products sold (COPS), or cost of sales) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred in bringing the inventories to their present location and condition. Costs of goods made by the businesses include material, labor, and allocated overhead. The costs of those goods which are not yet sold are deferred as costs of inventory until the inventory is sold or written down in value. Overview Many businesses sell goods that they have bought or produced. When the goods are bought or produced, the costs associated with such goods are capitalized as part of inventory (or stock) of goods. These costs are treated as an expense in the period the business recognizes income from sale of the goods ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Goods Sold
Cost of goods sold (COGS) (also cost of products sold (COPS), or cost of sales) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred in bringing the inventories to their present location and condition. Costs of goods made by the businesses include material, labor, and allocated overhead. The costs of those goods which are not yet sold are deferred as costs of inventory until the inventory is sold or written down in value. Overview Many businesses sell goods that they have bought or produced. When the goods are bought or produced, the costs associated with such goods are capitalized as part of inventory (or stock) of goods. These costs are treated as an expense in the period the business recognizes income from sale of the good ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounts Payable
Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. An accounts payable department's main responsibility is to process and review transactions between the company and its suppliers and to make sure that all outstanding invoices from their suppliers are approved, processed, and paid. The accounts payable process starts with collecting supply requirements from within the organization and seeking quotes from vendors for the items required. Once the deal is negotiated, purchase orders are prepared and sent. The goods delivered are inspected upon arrival and the invoice received is routed for approvals. Processing an invoice includes recording important data from the invoice and inputting it into the company's financial, or bookkeeping, system. After this is accomplished, the invoices must go through the company's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
