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CIP stands for “carriage and insurance paid to” says that the seller pays for delivery and insurance of goods to a carrier or nominated location. If a shipment is sent FOB shipping point, the sale is considered complete as soon as the items are with the shipment carrier. At the same time, the buyer will

Knowing how to itemize your financial accounts properly can save you time and effort at tax time and alleviate stress. Once you develop patterns and practice good itemization, you’ll be able to complete this step quickly. Having separate checking and savings accounts for your business makes connecting them seamlessly to your accounting software or platform

If they do, then your adjusted trial balance is ready for use in the creation of your final financial statements. Adjusting entries are necessary corrections made to accounts to reflect the actual financial situation at the end of the accounting period. These entries are critical for updating accounts like accrued expenses, unearned revenue, and depreciation.