Understanding Trial Balance - Uses, Types, and How to Prepare It.
Index
1. Understanding Trial balance
2. What are the Uses of a Trial Balance?
3. How to Prepare A Trial…
8 min read
Accounting
Examine the world of finance and accounting, providing in-depth perspectives and invaluable insights for industry professionals. Read more on expert analysis, discover new techniques, and stay informed on the latest trends in this cornerstone of the business world
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Latest posts
Financial Statements: What Are Financial Statements?
What Are Financial Statements
Financial statements refer to the formal records that business entities - from
corporations to proprietors -…
5 min read
What Is Journal Entry In Accounting, Why Is It Important, And How To Record It?
Definition of journal entries
Journal entries are the building blocks of accounting procedures. They are the
first steps for recording…
5 min read
The FICA Tax Guide
Understanding the FICA Tax
Short for the Federal Insurance Contributions Act, FICA refers to the American
law that requires both…
4 min read
Income Tax - Guide With Examples & Tax Calculator
Index
* What is income tax- The basics and the meaning of Income Tax
* Why should one know about income tax?…
7 min read
What Is Accounts Payable (AP)? Definition, Journal Entries, Examples
Accounts payable is a critical business process through which all companies track and manage their payable obligations efficiently and effectively.
13 min read
Understanding Payroll: Meaning of Payroll, Payroll Taxes and Payroll Software
Index
* What is payroll
* Challenges in handling the payroll process
* What are payroll taxes
* Payroll tax vs income tax
* Reporting…
4 min read
What are Retained Earnings?
Index
* What are Retained Earnings
* How to Calculate Retained Earnings?
* What is the Retained Earnings Formula?
* Understanding The Basics of…
7 min read
What Is an Income Statement and Why Is It Important?
Every business maintains three types of Financial Reports or statements that
summarize the performance of the company. The income statement…
8 min read
Bank Reconciliation Statements- Understanding The Purpose and Process
If you’ve been maintaining and running a small business, chances are you’ve come
across differences in figures between…
4 min read
What Is Chart of Accounts (COA) | A Complete Guide for Beginners
All accounting entries need to be tagged to general ledger accounts. A chart of accounts (COA) is a list of all such general ledger accounts. It contains details of each individual general ledger account including 'Account Code', 'Account Name', 'Account Type', and 'Account Balance'.
9 min read
Owner’s Equity Explained
Image:Unsplash
As the owner of a small business, you must have invested capital in your
business. Over time, and…
4 min read
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