BookkeepingYou have probably heard about bookkeeping more than once and you know that it is a part of any business. With the help of bookkeeping, owners and managers constantly receive reliable information about:Assets that they own;How much money th... Read more
Regardless of the form of ownership, any organization has to keep bookkeeping records. Bookkeeping organizes information about the assets and liabilities of an enterprise in monetary terms and records the business transactions that have occurred. Cor... Read more
A corporation is a legal entity owned by shareholders, the authorized capital of which consists of shares. Each ordinary share gives the same rights to its holder in matters of management and receipt of dividends. The existence of the Corporation beg... Read more
The main financial goal of a business is to maximize profits. The financial position of a business depends on the availability and structure of economic resources, which are called its assets and capital. The relationship between these two is reflect... Read more
Retained Earnings and Accumulated DeficitWhen you look at the Profit and Loss Statement, the final number will be a Net Income or Net Loss, depending on how much money an organization has made less all the expenses, etc. Retained earnings is the net... Read more
Businesses are involved in thousands of business activities every single day. In order to record this financial data so that eventually we can produce the financial statements, we use the accounting equation and its elements to record business activi... Read more
Definition Contra accounts are special accounts that are established to decrease the balance in another account indirectly. They preserve the identity of the primary account and provide an account to debit or credit when one does not exist. A contra... Read more
Income is the main indicator for assessing the economic activity of an entrepreneur (individual or legal entity). Making a profit is the goal of any business. Though gross and net both can describe income, they mean two completely different things. I... Read more
Every business owner, whether a beginner entrepreneur or an already experienced business owner, is faced with situations that arise for the first time. At the initial stage of entrepreneurial activity, these are questions of creating a business, keep... Read more
The goal of large or small businesses is to make a profit. It is such aspirations that become the driving force of capitalism. For any businessman or individual entrepreneur, the benefit is essential. This result is the reason for opening any busines... Read more
