Sales and Sales Returns and AllowancesBusinesses also deal with sales returns and allowances, which are recorded in a contra revenue account. This account offsets the gross revenue to reflect that not all sales result in final transactions. If a company…
Understanding how legal fees work helps clients make informed decisions and ensures clarity in their attorney-client relationship. Always review contracts carefully, ask questions, and seek clarification before committing to legal representation. Depending on the type of service, the contract’s length,…
A florist can provide or send an invoice by the end of the month or as soon as the florist work is finished. But also check with the client whether they are interested to receive an invoice for the florist…
However, IFRS places a strong emphasis on the presentation of financial statements that are understandable, relevant, reliable, and comparable. The goal is to ensure that these amounts are subsequently allocated to the correct equity accounts in a timely manner. Under…
In a progressive individual or corporate income tax system, rates rise as income law firm chart of accounts increases. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket…
“KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.” ” We…
This financial statement is crucial because it provides insight into the financial health of a business’s operations. Unlike a balance sheet, which offers a snapshot at a point in time, an income statement is cumulative, reflecting all the revenue, expenses,…
Expenses for promoting your products, such as Etsy Ads, social media campaigns, or sponsored posts, are deductible. Without knowing your COGS, you might unknowingly underprice your products, eating into your earnings. If Etsy promotes your product through offsite ads and…
Cash is always king, and in some cases, it facilitates B2B transactions better than other payment types. The biggest advantage of a business paying cash is that it never has to pay annual fees like a line of credit. Also,…
