Accounting Basics

An Income Statement is also called a Profit and Loss Report. In addition, the word…

Payroll Records An employer, regardless of the number of employees, must maintain all records pertaining…

One of the first steps in evaluating a business is determining your break-even point. This…

A company can raise or lower its earnings by changing the way it calculates the…

Merchandise Inventory Merchandise inventories are the goods that are on hand for the production process…

The Expense Authorization system is a commonly used method to keep track of and control…

Sales made by businesses can be broken down into the following main categories: •         Cash sales…

The principal method for maintaining internal control of cash is using a checking account. However,…

Bank Reconciliation Typically, a business will use a bank checking account to help control the…

Shareholders’ equity represents the net assets owned by the owners (the shareholders). Net assets are…