Revenues less expenses equals net income is the basic formula for an income statement. Gross profit is calculated by multiplying sales revenue by the cost of goods sold. Opening Inventory Purchases – ...

Most businesses typically use one of two basic accounting methods in their bookkeeping systems: cash basis or accrual basis. While most businesses use the accrual basis, the most appropriate ...

you can record the necessary information in an expense account book and not worry about keeping receipts. Record the reason for the expense, amount spent, dates, locations, and people entertained.