Tag: basics

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?

Understanding accounting debits and credits.

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

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?