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💡Have You Heard? In the USA, the total outstanding consumer credit reached approximately $5.05 trillion in the first quarter of 2024. What Are Net Credit Sales? Net credit sales refer to the total revenue generated from the sales made on credit. Returns, discounts, or allowances are excepted from it. According to this, sales returns reduce… Continue reading What Is Net Credit Sales? How to Calculate Net Credit Sales?

💡Did You Know👉 Meeting sustainability reporting standards is one of the top challenges for accountants in 2025. What Is an Income Statement? An income statement is a financial report that showcases a company’s net income and expenditures throughout the fiscal year. It throws light on how well a company performed and what are the areas… Continue reading How to Prepare Income Statement for Business Professionals

What Is Bank Fraud Investigation? A bank fraud investigation refers to an analysis activity of a bank or financial institution to identify fraudulent activities within its banking operations. The investigation pertains to bank services, transactions, and customer accounts. It employs advanced detection techniques to investigate and prevent future fraud actions. The analyzing committee may involve… Continue reading How Do Banks Investigate Unauthorized Transactions? Key Strategies

What are Gross Sales? The gross sales definition refers to the total sales revenue a business generates in a specific period, without any deductions (returns, discounts, or allowances). It is the raw figure or amount that shows the complete value of all products or services sold over a specific period. Whenever the topic is about… Continue reading Net Sales vs Gross Sales: What You Need to Know

What is Gross Profit? The definition of gross profit is the amount a business earns from sales after subtracting the costs of goods sold (COGS). These are the costs directly associated with the production of goods or services you sell. Gross profit is the initial part of understanding your business’s profitability. In simple terms, it… Continue reading Gross Profit Vs Net Profit: Everything You Need to Know!

💡Fact According to the US Bureau of Labor Statistics, the average weekly hours worked by private employees were recorded at 34.2 hours per week in June 2025. What Is a Work Year or Man Year? A work year is defined as the number of hours a person is expected to work in a specific time… Continue reading How Many Work Hours in a Year? Learn the Right Calculation

What is Double Entry Accounting? Double entry bookkeeping is a part of accounting practices in which a transaction is registered at least twice (or more) through debits or credits. One account records a debit entry, while another records a credit entry in such a way that the transactions remain balanced. This double entry bookkeeping system… Continue reading What is Double Entry Bookkeeping: Definition, Process & Example

Contractor Meaning Explained: What Does a Contractor Do? A contractor is a person who manages the planning and execution of projects in a way that they fulfill the client’s requirements. They are professionals hired to work on tasks in which they have expertise. From assessing the job complexity to giving the final touch, contractors manage… Continue reading What Does a General Contractor Do? A Beginner’s Guide

What Is Invoice Coding? Invoice coding refers to an accounting strategy under which specific accounting codes are assigned to multiple components of an invoice. In other words, the invoice data is linked to the general ledger (GL) chart of accounts (which commonly refers to the company’s financial records). This eases the expense categorization and records… Continue reading How to Write an Invoice Code? Step-by-Step Guide