BUSINESS ACCOUNTING

BUSINESS ACCOUNTING

The purpose of accounting is to help you make better financial decisions.

BUSINESS ACCOUNTING

You also need to keep financial records for tax purposes.

BUSINESS ACCOUNTING

Cost of Sale or Cost of Goods Sold: The cost of labor, materials and overhead cost to create or make a product.

BUSINESS ACCOUNTING

Revenue/Income: the money received by a business through the sale of a product or service

BUSINESS ACCOUNTING

Profit: The amount received for a product or service in excess of the original cost.

BUSINESS ACCOUNTING

Expenses: any money spent as

part of the business.

BUSINESS ACCOUNTING

Inventory: The amount of product on hand.

BUSINESS ACCOUNTING

Interest: the money paid for borrowing money.

WHAT ARE SOME OF THE COST OF SALE ITEMS IN OUR BUSINESS?

Ingredients AdvertisingPackaging

WHAT ARE SOME SOURCES OF REVENUE A BUSINESS MIGHT GENERATE?

Sales

Stocks

Interest

WHAT ARE SOME TYPES OF EXPENSES A BUSINESS MIGHT GENERATE?

Rent

Cost of sales

Utilities

Taxes

Business licenses

Banking/Interest