If they are found to be guilty, they would have to pay for damages. Liabilities impact negatively on the financial net worth of a business or company, while assets impact positively and increase the financial net worth of a business or company. Categories of contingent liabilities according to GAAP (Generally Accepted Accounting Principles) include probable,…
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Reducing costs or expenses can significantly improve a company’s gross margin. By cutting down on unnecessary expenses, like paying for personal credit cards, businesses can increase the company gross and overall profitability. One way to reduce costs is by streamlining processes and eliminating inefficiencies. Final Thoughts: Evaluating Gross Profit Margin It’s the top line on…
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Managers must ultimately determine whether the company has met the goals set in the planning phase. Evaluating, also called assessing or analyzing, involves comparing actual results against expected results, and it can occur at the product, department, division, and company levels. When there are deviations from the stated objectives, managers must decide what modifications are…
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Don’t forget to factor in variable costs when deciding on the price of your product; it’s a simple way to ensure you don’t alienate some segments of your audience. Whether you’re a solo entrepreneur, an e-commerce business, or part of a large-scale company, you need a pricing strategy that’ll give you the right price for…
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