As a small business owner, you may be struggling with the concept of what is…

1. Get yourself accounting software Don’t try to piece it all together using excel or…

So when do you recognize revenue in your reports, statements and forecasts? Let's start with…

Account: This is where you keep a detailed record of each asset, liability, revenue, or expense.…

The accounting cycle is a series of activities that compiles an organization’s transactions at the…

Reconciling an account often means proving or documenting that an account balance is correct. For example, we…

The term cash and cash equivalents includes: currency, coins, checks received but not yet deposited, checking accounts, petty cash,…

Three meanings come to mind when you ask about principles of accounting... 1.      Principles of Accounting was…

An implicit cost is a cost that has occurred but it is not initially shown or reported…

Prepaid expenses are future expenses that have been paid in advance. You can think of…