What is the Difference Between Periodic and Perpetual Inventory?
For a merchandising business, one of the most important success factors is the management of inventory. Because the cost and tracking of inventory is so critical, decisions made about inventory can...
Every career has pros and cons, good points and bad points, highs and lows. If you are considering a career in accounting, here are some common ideas about an accounting career that often lead people...
An adjunct account is an account that adds to the value another account without impacting the balance in the main account. The combination of the balance in the main account and the balance in the...
What is the Difference Between Permanent and Temporary Accounts?
In accounting, Permanent accounts carry a balance from one month to the next. Temporary accounts are zeroed out at the end of each month. Permanent accounts are the balance sheet accounts, Assets,...
Petty Cash is a small amount of funds set aside to cover incidental expenses such as postage, office supplies, or employee reimbursements. Petty Cash is an Asset. The purpose of Petty Cash is to...
What is the International Accounting Standards Board (IASB)?
In the United States our financial accounting standards are issued by the Financial Accounting Standards Board (FASB). The international business community has its own version called International...
