Category: Accounting

Accounting is a vital component of any business, providing financial information and insights necessary for informed decision-making. Our expert tips, advice, and resources provide you with a solid foundation of accounting knowledge, from basic principles to advanced concepts. Whether you’re an accounting professional or a small business owner, our comprehensive resources cover a wide range of accounting-related topics to help you succeed in your financial endeavors.

Introduction to Transaction Analysis: The Basic Accounting Equation

Accounting is built upon the fundamental accounting equation: Assets = Liabilities + Owner’s Equity This equation must remain in balance and for that reason our modern accounting system is called a dual-entry system. This means that every transaction that is recorded in accounting records must have at least two entries; if it only has one entry … Continue reading Introduction to Transaction Analysis: The Basic Accounting Equation

What is a Profit and Loss Report?

Understanding Accounting Basics The Profit and Loss report generated by your manual record keeping, your computer software, or the accountant you’ve previously hired, is also known as an Income Statement. This is perhaps one of the easier reports to compile, but one of extreme importance. Why? Because the businesses net income or loss is the result shown on … Continue reading What is a Profit and Loss Report?

Basic Accounting Terminology 101

Accounting Terms, Principles, and Concepts Prior to actually beginning work as an accountant, there is generally exposure to accounting terminology and concepts; whether in the form of classroom instruction or as an intern with on-the-job training. However, rather than risk the possibility of an individual beginning work as a bookkeeper, or an accounting intern, without the … Continue reading Basic Accounting Terminology 101

Why Do We Need Accounting?

Accounting’s Importance to Business So why do we need accounting? Asking that question of an accountant is like asking a farmer why we need rain. We need accounting because it’s the only way for business to grow and flourish. Accounting is the backbone of the business financial world. After all, accounting was created in response to the development … Continue reading Why Do We Need Accounting?

What is Accounting? Learn Basic Accounting Lesson

Accounting Introduction Quite simply, accounting is a language: a language that provides information about the financial position of an organization. When you study accounting you are essentially learning this specialized language. By learning this language you can communicate and understand the financial operations of any and all types of organizations. This is because the information … Continue reading What is Accounting? Learn Basic Accounting Lesson