Jeff is a writer, founder, and small business expert that focuses on educating founders on the ins and outs of running their business. From answering your legal questions to providing the right ...

A business incurs expenses when producing its revenues. Revenues minus expenses equal the business's net income, or the change in its financial circumstances from running its operations for the time ...

Generally Accepted Accounting Principles (GAAP) recognize three different types of inventory: raw materials, work-in-process and finished goods. Not every type of business carries all three types of ...