The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals ...

Managerial accounting, a tool used for business decision-making, allows for different methods of calculating net income. The general formula is that sales minus costs equals net income, but there ...

One of the areas where management has the most control, and therefore a key consideration of managerial accounting, is a company's selling and administrative expenses.