Learning how to do Journal Entries is at the core of learning accounting. Following these step-by-step directions will help you understand how to do journal entries like a pro. What is a Journal...
Category: Accounting Basics
Financial Statements are reports that summarize business transactions. Financial Statements are produced at regular intervals in the business year (monthly, quarterly, annually) to help owners,...
An Intangible Asset is a long-term asset (or non-current asset), one that a business will hold for longer than a year. Like Tangible Assets, these are permanent items a business intends to own...
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...