by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is the Role of Marketing in Society?The role of marketing in society is to: Provide Goods and Services – The essence of a market involves the exchange of value in the form of goods, services, and information. Marketing makes people aware of those goods and...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is the Role of Marketing in an Organization? Marketing is used for has the following roles in an organization: Product Development – Well starting at the very beginning what products should we make and what features should it have? Promotion – How do...
by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing
What is Marketing? Marketing is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers, clients, partners, and society at large.Marketing, of course, includes sales and advertising....
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
How to Account for Notes Receivable? Notes receivable is a receivable that specifically deals with promissory notes. Promissory notes are written promises to pay a specific amount of money (such as repayment of a loan). The note may be payable on demand or at a...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Allowance Method? The allowance method matches the estimated expenses or losses from uncollectible accounts receivables against the sales. We record our accounts receivable on the balance sheet. This amount is often inaccurate, as we will likely not be...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Closing Process?The Closing Process is a step in the accounting cycle that occurs at the end of the accounting period, after the financial statements are completed. This serves to get everything ready for the next year. In order to understand this, you...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Adjusted Trial Balance? An adjusted trial balance is a trial balance to which the adjusting entries have been added. The adjusted trial balance is generally completed separately from the original trial balance as a check to make certain the adjusting...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Accrued Revenue?Accrued revenues are where I have earned cash that I have not received yet. These are revenues earned in a period that are both unrecorded and not yet received in cash or whatever other assets they may be received in.Example of How to Record...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Accrued Expense? Accrued expenses are things that we have been using, but we have not paid for them yet.How to Record Accrued Expenses?With an Accrued Expense, cash has not been affected yet – as the debt will be paid or recorded at a later date. So,...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Deferred Expense? Deferred expenses are assets paid in advance of receiving their benefits. I paid for these upfront but I haven’t used them yet. They often require an accounting adjustment as they are used. What is an accounting adjustment for...
