Sundry expenses are costs which may be relatively small or occur infrequently and are therefore not assigned to a specific ledger group. They are also known as miscellaneous expenses and are classified together as a grou... More »

The prudence concept, also known as the conservatism principle, is an accounting principle that requires an accountant to record liabilities and expenses as soon as they occur, but revenues only when they are assured or ... More »

Companies use adjustment entries to align expenses and revenues to the accounting period where they occurred. The process ensures that all income, expense, asset and liability accounts reflect their true values when repo... More »

Accrual accounting provides an accurate way of matching business income and expenses to the correct time periods, explains Nolo. Businesses with sales of over $5 million per year or inventories exceeding $1 million are l... More »

Fixed costs are business expenses that do not fluctuate in line with changes in production levels or sales volumes, while variable costs are expenses that fluctuate directly and in proportion to changes in production and... More »

QuickBooks is used to track income and expenses, record transactions, send estimates and invoices, automatically back up data, and track inventory. Other uses for QuickBooks include paying bills, preparing IRS 1099 forms... More » Business & Finance Business Resources Accounting

Adjusting entries are entries made in accounting journals at the end of reporting periods, usually to indicate money that has been earned or expenses that have accrued but not been entered into financial reports. Account... More » Business & Finance Business Resources Accounting