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

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Presentation transcript:

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  Advertising  Packaging

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