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Main Subject - Understanding Accounting Vocabulary
The following article is an excerpt from the free online course "Using Finance & Accounting in Your Small Business".
When you learn something new like accounting concepts and terms, it helps to create links between what you know and what
When you learn something new like accounting concepts and terms, it helps to create links between what you know and what
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
you are trying to learn. In some ways, it is like learning a second language and decoding the new word is part of the learning process. For example, trying to translate the Spanish word necesario you might brainstorm with necessary - a
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
nd you would be right. How about blanco? Blanco is like blank which is like white. So, blanco is Spanish for the color white.
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and thin
Try to make some logical connections about the accounting vocabulary. Take the word - accounting - and thin
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
about it. Really, the accounting system is a basic counting of what goes on in your business.
Let’s move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and inco
Let’s move on to transactions. Transactions are the business activities, or actions, that build day by day and become your expenses and inco
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
me. Try to think about the term - transactions. Actions are business activities, and trans means across or thru. These are the basic building blocks of an accounting system. Transactions are to accounting like what raw materials are t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
a factory, or gasoline is to your engine - the transactions are real and how your accounting system handles them impacts your business.
You must keep a record of your transactions to know how much money your business earned and how much
You must keep a record of your transactions to know how much money your business earned and how much
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
money your business spent. Sounds obvious, right? Ask your bookkeeper or accountant how obvious some transactions are. It can get tricky quickly if you are not clear about what happened in the transaction and how you want it recorded.
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
For example, if you were a carpenter you might pay cash for a bucket of nails to assemble hand made wooden deck chairs. The nail purchase is a transaction and will have to be counted as a business expense. In your workshop, you then as
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
semble the chair using a pneumatic nail gun, sand paper, stain and varnish. The next day you deliver the chair to a customer in a neighboring town. You hand the customer a sales slip and they then write you a check. That, too, is a tra
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
saction. It is easy to see the transactions when money is spent or received. Did you, however, see the other transactions?
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline
The stain and varnish, nail gun use and chair parts were also part of the transaction. What about the gasoline
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
and truck used to deliver the chair? Did you have any left over nails or did you use them all? Maybe there is a little life left in the sand paper but it is not new anymore, is it? If we do not account for those costs we are missing a
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
piece of the picture-an important piece-that could affect how much money you have at the end of the year.
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in you
In all your business activities, try to think in terms of transactions because once you can identify what transactions occur in you
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
business, you will be able to organize them into a meaningful manner. Right now, take a minute to list what transactions occur in your business each day, week and year. Always thinking in terms of transactions might seem miserly, but i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
t is important to be cost-conscious and honest with yourself about all your transactions. Your success in business depends upon it.
Some transactions are initiated by customers and suppliers. Other transactions can take place inside y
Some transactions are initiated by customers and suppliers. Other transactions can take place inside y
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ur business or back office. The bookkeeping department creates transactions when they adjust your books for year-end considerations like machinery depreciation or inventory shrinkage.
What is depreciation? Let’s say you bought a brand
What is depreciation? Let’s say you bought a brand
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
new car, a 2006 Professor Now Coupe, and you spend $27,500 on this new car. Next year the car has some dings on the doors, wear on the tires, stains on the seats and 20,000 miles on the engine. You know your car is not worth $27,500 an
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
more. This means your car has lost value or depreciated.
When it comes to business owned equipment, you can deduct this lost value as a business expense. Sure, you did not spend cash on the lost value but with depreciation, this is a t
When it comes to business owned equipment, you can deduct this lost value as a business expense. Sure, you did not spend cash on the lost value but with depreciation, this is a t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ransaction your bookkeeper or accountant will force through at the end of the year. On your taxes, it helps you by increasing your expenses like all other cash transactions. Of course, the other side of depreciation means your equipment
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
is not worth as much anymore.
In order for you to get a really clear picture of how your business is operating, you need to be diligent and thoughtful about what your real expenses are. Depreciation is a real expense even though it is n
In order for you to get a really clear picture of how your business is operating, you need to be diligent and thoughtful about what your real expenses are. Depreciation is a real expense even though it is n
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ot a cash transaction.
Learning to see transactions for what they are takes practice and contemplation. Transactions affect so many areas of your business that you must analyze the daily details so you can piece together the big picture
Learning to see transactions for what they are takes practice and contemplation. Transactions affect so many areas of your business that you must analyze the daily details so you can piece together the big picture
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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