Bookkeeping
Assets and Liabilities
Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our personal lives, business is run on credit as well. Many businesses sell their products to their customers...
Read more of this articleMaking a Profit
Accountants are responsible for preparing three primary types of financial statements for a business. The income statement reports the profit-making activities of the business and the bottom-line profit or loss for a specified...
Read more of this articlePersonal Accounting
If you have a checking account, of course you balance it periodically to account for any differences between what’s in your statement and what you wrote down for checks and deposits. Many people do it once a month when...
Read more of this articleBookkeeping Basics
Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while accounting encompasses many functions involved in managing the financial affairs of a...
Read more of this articleProfit and Loss
It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything else. Profit can be called different things, for a start. It’s sometimes called...
Read more of this articleAccountancy Careers
There are many different careers in the field of accounting ranging from entry-level bookkeeping to the Chief Financial Officer of a company. To achieve positions with more responsibility and higher salaries, it’s necessary...
Read more of this articleBookkeeping
So what goes on the accounting and bookkeeping departments? What do these people do on a daily basis? Well, one thing they do that’s terribly important to everyone working there is Payroll. All the salaries and taxes...
Read more of this articleAccounting Principles
If everyone involved in the process of accounting followed their own system, or no system at all, there’s be no way to truly tell whether a company was profitable or not. Most companies follow what are called generally...
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