Sales Discount Journal Entry – Explained

What is a Sales Discount? Sales Discount is referred to as a discount that is extended to the customer in order to incentivize him to pay the amount early. The slight deduction from the total bill depending on timely payment acts as a motivator for the debtors of the...

Difference Between Rules and Policies

In Financial Accounting, both Rules and Policies help determine how a company prepares its financial statements. So, the differences between the two concepts might not be readily obvious. Generally, rules and policies combine to form the body of guidelines that guides...