Realized gains or losses

What are realized gains or losses? The difference between expenses on a current cost basis and on a historical cost basis, which represents the holding gains or losses the firm has realized through sales or use in the current period.

Research and Development Costs

What are the research and development costs? Those expenditures incurred in discovering, planning, designing, and implementing a new product or process are called research and development costs.

Reversing Entries Definition

What is meant by Reversing Entries? Reversing entries are the entries made on the first day of a new accounting period that reverse certain adjusting entries to allow the routine recording of certain entries.

Real Accounts Defintion

What is meant by Accounting term Real Accounts? Real Accounts are the balance sheet accounts (including retained earnings), the balances of which extend beyond the accounting period.

Revenues Definition

What is meant by the term revenues? Revenues are the price of goods sold or services rendered by a firm to others in exchange for cash or other assets.