Accounting How To: How to Pass Accounting Class!
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A Current Asset is defined as an asset that is already cash or is expected to be converted to cash in one year or less (an operating cycle.) Examples of current assets are Cash, Petty Cash, Accounts...
What is a Trial Balance? A Trial Balance is a report used after transactions are posted to accounts to check whether debits equal credits. The Trial Balance takes the balances from T-Accounts or...
The Statement of Retained Earnings is one of the four major financial statements. The function of the Statement of Retained Earnings is to show changes in the value of equity in a corporation. It...
The Statement of Cash Flows is one of the major financial statements. The focus of the Statement of Cash Flows is on the movement of cash through the business. It breaks cash into three...
A service business is one that performs tasks or activities to its customers. The service is not a physical product. Customers exchange money for the benefit they receive from the service. Service...
A merchandising business is one that purchases goods or products and sells them to its customers. A merchandising business acts as a market bringing together products and customers. A merchandising...