What is the Difference Between Accrual & Cash Accounting?

The major difference between accrual and cash basis accounting the timing for recording the revenues and the expenses. When using the Cash Accounting Method, your revenues and expenses are immediately recognized. In contrast, accrual accounting focuses on anticipated revenue and expenses. Key Factors In Accrual Accounting the entries for revenue and expenses happen when they […]

Difference Between Fixed & Variable Expenses

Hi, my name is Nancy, and today I am going to continue our cost accounting series by explaining the difference between fixed costs and variable expenses.  Now before we go any further, I need your help.  You see, presently, this channel does not receive any advertising revenue from YouTube.  YouTube requires 1,000 subscribers and 4,000 […]

DIRECT VS INDIRECT COSTS

Hi, my name is Nancy and today I am going to continue our cost accounting series by explain the difference between direct and indirect costs.   Now before we go any further, I need your help.  You see, presently this channel does not receive any advertising revenue from YouTube.  In order to receive advertising revenue, the […]

Accounting System- What is the Purpose

Hi, my name is Nancy, and today we are going to start a series of videos on cost accounting.  What is the purpose of the accounting system is the topic today. Now before we go any further, I need your help.  You see, presently, this channel does not receive any advertising revenue from YouTube.  Youtube […]

Understanding Your Profit and Loss Statement

Small business owners started their businesses because they are passionate about the work that they do. The majority of them are not a CPA and unless they have a CPA that can explain their Profit and Loss Statements in easy to understand terms they just don’t look at them.  I have worked with hundreds of […]