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Our Explanation of Stockholders' Equity covers the unique terminology for a corporation's paid-in capital, retained earnings, treasury stock, and accumulated other comprehensive income. Included are cash dividends, stock...

Officers of a corporation are appointed by the board of directors to execute the policies that have been established by the board of directors. The officers include the chief executive officer (CEO), the chief operations...

What is the role of a company's controller? Author: Harold Averkamp, CPA, MBA Definition of Company Controller A company’s controller is considered to be the chief accounting officer and the head of the accounting...

The chief accounting officer of a company. This person would head up the accounting department.

A company’s loss before nonoperating or other items. Other or nonoperating items include interest income, interest expense, and gains and losses on sale of assets used in the business, loss on lawsuit, etc.

What is the operating cycle? Author: Harold Averkamp, CPA, MBA Operating cycle definition The operating cycle is the time required for a company’s cash to be put into its operations and then return to the company’s...

Operating expenses are the costs of a company’s main operations that have been used up during the period indicated on the income statement. For example, a retailer’s operating expenses consist of its cost of...

The activities involved in earning revenues. For example, the purchase or manufacturing of merchandise and the sale of the merchandise including marketing and administration. In the statement of cash flows the operating...

A company’s profit before nonoperating or other items. Other or nonoperating items include interest income, interest expense, and gains and losses on sale of assets used in the business, loss on lawsuit, etc.

Is depreciation an operating expense? Author: Harold Averkamp, CPA, MBA Depreciation Could Be Either an Operating Expense or a Non-operating Expense Depreciation is an operating expense if the asset being depreciated is...

What is operating income? Author: Harold Averkamp, CPA, MBA Definition of Operating Income Operating income is defined as a corporation’s operating revenues minus its operating expenses. Operating income will be shown...

What are operating expenses? Author: Harold Averkamp, CPA, MBA Definition of Operating Expenses Operating expenses are the costs that have been used up (expired) as part of a company’s main operating activities during...

Retailers’ normal operating activities would include the purchase and sale of merchandise and selling and administrative expenses. A retailer’s investing of its idle cash is a nonoperating activity. However,...

The average time it takes for a retailer’s or manufacturer’s inventory to turn to cash. If a manufacturer turns its inventory six times per year (every two months) and allows customers to pay in 30 days, its...

A rental agreement where ownership is not intended. An operating lease is not recorded in the general ledger accounts and therefore the asset and liability will not appear on the balance sheet. A lease that in substance...

What is carriage outwards? Author: Harold Averkamp, CPA, MBA Definition of Carriage Outwards Carriage outwards refers to the transportation costs that a seller must pay when it sells merchandise with the terms FOB...

Also known as income from operations, which excludes discontinued operations, extraordinary items, and nonoperating items such as interest expense, investment income, gains, and losses.

A long-term asset account reported on the balance sheet under the heading of property, plant, and equipment. Included in this account would be copiers, computers, printers, fax machines, etc.

What are semivariable costs? Author: Harold Averkamp, CPA, MBA Definition of Semivariable Costs Semivariable costs are costs or expenses whose behavior is partially fixed and partially variable. That is, part of the...

This account is a non-operating or “other” expense for the cost of borrowed money or other credit. The amount of interest expense appearing on the income statement is the cost of the money that was used...

Our Explanation of Income Statement helps you learn the most important features of a corporation's income statement (also known as the statement of operations or profit and loss statement). We provide more understanding...

Are repairs to office equipment an expense? Author: Harold Averkamp, CPA, MBA Repairing and maintaining office equipment is an immediate expense. This is true even if the repair cost is a very large amount. If a large...

What is cash from operating activities? Author: Harold Averkamp, CPA, MBA Definition of Cash from Operating Activities Cash from operating activities usually refers to the first section of the statement of cash flows....

Our Explanation of Working Capital and Liquidity provides you with an in-depth look at the components of working capital and the challenges of converting current assets to cash before obligations come due. You will see...

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Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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