A good way to think about assets is that an asset must have a positive value. View a range of practical resources on UK GAAP, IFRS and UK regulation of…

As with the accounting equation, these debit and credit totals must always be equal. If they aren’t equal, the trial balance was prepared incorrectly or the journal entries weren’t transferred to…

Cash basis accounting records transactions when money changes hands. This method doesn't record invoices or your company's outstanding bills until they've been paid. On average, a full-time in-house bookkeeper’s annual…

Interest Earned – How much interest was earned over the number of years to grow. Beginning Account Balance – The money you already have saved that will be applied toward your…

When you’re running a business, finding ways to minimize these costs is crucial in making your business profitable. But in the long run, since consumers tend to prefer affordable products,…

Employees may also be eligible for certain benefits, such as health insurance, disability insurance, and life insurance. These benefits can provide financial protection and security to employees and their families.…

They can also invoice your clients on your behalf, collect monthly payments, and manage your payroll service. While you pay for these services, you’ll save in time you can put…

Regardless of which accounts and how many are involved by a given transaction, the fundamental accounting equation of assets equal liabilities plus equity will hold. This is a partial check…

Regardless of which accounts and how many are involved by a given transaction, the fundamental accounting equation of assets equal liabilities plus equity will hold. This is a partial check…

The estimation is typically based on credit sales only, not total sales (which include cash sales). In this example, assume that any credit card sales that are uncollectible are the…