by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Billing Cycle?The billing cycle refers to the time interval from the end date of a billing statement or invoice statement up until the next one for goods or services provided by a company on a constant basis. Most times, billing cycles are set monthly but...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Installment Sale?An installment sale approach is one of the many ways revenue is recognized according to the Generally Accepted Accounting Principles (GAAP). In this method, revenue is only recognized when cash is collected by a business and not when sales...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Property Plant and Equipment?Property, plant, and equipment are otherwise called tangible assets. These are assets whose useful life is more than one year and are used for the production of products and services in a company. Property, plant, and equipment is...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Internal Audit?Internal audit is an independent, objective, and consulting activity that improves and adds value to the operations of an organization. It ensures a systematic, disciplined approach for improving and evaluating the risk management...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Accounting Equation?The basic accounting equation is written as: Assets = Liabilities + Owners Equity What is the Expanded Accounting Equation?The expanded accounting equation is written as: Assets = Liabilities + Contributed Capital + Beginning Retained...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What are Net Receivables?Net receivables refers to the total amount of money owed by the customers of a company. It refers to the amount a company is confident it can collect from customers that owe the company. Net receivables are usually calculated as the total of...
