Basic Accounting Principles July 17, 2015 Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: ...
What Is Accounting Anyway? July 17, 2015 Anyone who's worked in an office at some point or another has had to go to accounting. They're the people who pay and send out the b...
Bookkeeping July 17, 2015 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 ter...
Accounting Principles July 17, 2015 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 whethe...
Profit and Loss July 17, 2015 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. ...
Careers July 17, 2015 There are many different careers in the field of accounting ranging from entry-level bookkeeping to the Chief Financial Officer of a company...
Making a Profit July 17, 2015 Accountants are responsible for preparing three primary types of financial statements for a business. The income statement reports the profi...
Personal Accounting July 17, 2015 If you have a checking account, of course you balance it periodically to account for any differences between what's in your statement an...
Bookkeeping Basics July 17, 2015 Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while acco...
Gains and Losses July 17, 2015 It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits. But there are oft...
Assets and Liabilities July 17, 2015 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...
Revenue and receivables July 17, 2015 In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a busines...
Balance sheet July 17, 2015 A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business fall ...
Depreciation July 17, 2015 Depreciation is a term we hear about frequently, but don't really understand. It's an essential component of accounting however. Dep...
Inventory and expenses July 17, 2015 Inventory is usually the largest current asset of a business that sells products. If the inventory account is greater at the end of the peri...
Investing and financing July 17, 2015 Another portion of the statement of cash flows reports the investment that the company took during the reporting year. New investments are s...
Depreciation reporting July 17, 2015 In an accountant's reporting systems, depreciation of a business's fixed assets such as its buildings, equipment, computers, etc. is...
Quasar software July 17, 2015 Accounting has become more and more complex as have the businesses that use accounting functions. Fortunately, there are several excellent s...
Building Cash Reserves July 17, 2015 Building a financial cushion for your business is never easy. Experts say that businesses should have anywhere from six to nine months worth...
What is the FASB? July 17, 2015 The FASB is one organization that provides standardized guidelines for financial reporting. The mission of the Financial Accounting Standard...