Many long-time desktop accounting programs have been purchased by larger software vendors and discontinued. For instance, Sage is … Read More

With the wide variety of easy-to-use accounting software available, there’s no reason not to use it. Sure, it’s … Read More

A T-account isn’t a type of account in your books, but rather a device you use for visualizing … Read More

The amount of assets a business owns at a point in time must equal the amount of financing … Read More

Much of the work of financial accountants consists of summarizing financial information in accordance with generally accepted accounting … Read More

Cash flow refers to the ways in which cash moves in and out of a business through receipts … Read More

An invoice is defined as: An itemized bill for goods sold or services provided, containing individual prices, the … Read More

By the end of this article, you will be able to learn: What is the expenditure? What is … Read More

Reporting profit or loss and other comprehensive income involve two concepts related to the decrease of economic benefits to the … Read More

Equity is the third major element of the statement of financial position. The definition of equity is shown in … Read More

A liability is an obligation of the business that will have to be settled in the future. The definition is … Read More

An asset is something that a business owns that has an economic benefit in the future (see GAAP box). GAAP An … Read More

In general, business entities can take one of three forms, as illustrated in Figure 1: a limited liability company, … Read More

By the end of this tutorial, you will be able to learn: What are the uses of accounting … Read More