Finance | Senioritis

Adam Park
June 21, 2023
Finance

Understanding GAAP: The Comprehensive Guide to Consistent and Accurate Financial Reporting in the US

GAAP Generally Accepted Accounting Principles GAAP (Generally Accepted Accounting Principles) is a set of accounting principles, standards and procedures that are widely accepted and used by businesses...

Adam Park
June 21, 2023
Finance

Understanding the Importance of General Ledger in Financial Accounting of Businesses

general ledger The complete collection of a company’s accounts is called the The general ledger is a financial accounting document that contains a record of a company’s...

Adam Park
June 21, 2023
Finance

Understanding the Importance of the Going Concern Assumption for Accurate Financial Reporting

going concern The assumption that a business is able to continue its operations into the foreseeable future is the Going concern refers to a company’s ability to...

Adam Park
June 21, 2023
Finance

How to Calculate Discounts on Invoices: A Step-by-Step Guide for Social Science Professionals

Goods totaling $14,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $2,000 were made on February 10 would be subject to which...

Adam Park
June 21, 2023
Finance

Understanding Goodwill in Mergers and Acquisitions: Importance, Impairment, and Investor Insights

Goodwill Excess of the cost of an acquired company over the sum of the market values of its net assets (assets minus liabilities) Goodwill is an intangible...

Adam Park
June 21, 2023
Finance

Understanding Gross Margin and its Importance for Measuring Company’s Profitability in Social Science

Gross margin is the difference between net sales and cost of goods sold the cost of goods sold (COGS). To calculate gross margin, the formula is: Gross...

Adam Park
June 21, 2023
Finance

Understanding Gross Profit: A Key Metric for Financial Performance in Business

Gross profit Net sales less cost of goods sold Gross profit is the difference between a company’s revenue and the cost of goods sold (COGS). It is...

Adam Park
June 21, 2023
Finance

Understand Gross Profit, Operating Expenses, and Net Profit in Business Finances

gross profit – operating expenses net income Gross profit is a financial metric that represents the profit a company earns after deducting the cost of goods sold...