Operating income is calculated by subtracting operating expenses from the gross profit. A summary of the cash flows of an entity is formalized within the statement of cash flows, which is a required part of the financial statements under both the GAAP and IFRS accounting frameworks. It is reported as...

You will dive into the accounting concepts and terms that will provide the foundation for the next three courses. You will learn how to work your way through the accounting cycle and be able to read and produce key financial statements. The procedural part of accounting—recording transactions right through to...

It also includes tools for streamlining accounting tasks, like the invoice process, and gaining insight into your business’s financial health. Xero and QuickBooks Online are both Web-Based Services, which means you can log in and access your account from anywhere with an Internet Connection. Furthermore, both Xero and QuickBooks have...

Any unmarked transaction this month will appear automatically in next month’s reconciliation. However, if the charge is more than a month old, then it needs to be investigated to see if the entry in QuickBooks is wrong. Below is a sample credit card statement used to illustrate the reconciliation process...