When running a project or a contract, should material and sub-contract costs be recorded on the p&l or on the balance sheet as WIP.

In other words, the balance sheet must balance. Subtracting liabilities from assets shows the net worth of the business A basic tenet of double-entry bookkeeping is that total assets (what a ...

Bookkeeping records are an excellent business ... Obviously, these items (which comprise a basic income statement and balance sheet) must be measured and tracked. However, it's equally important ...