Everything you wanted to Know about Basic Accounting but were afraid to ask
If one were to reduce business to the simplest terms, one would probably call it the selling of goods by one person, and the buying of those same goods by another. Thus, whether we pay cash or run up a tab while doing business, money has to change hands during the course of a business [...]
A 28 year old engineer walked into my office the other day with a question about his personal finances. Joe (not his real name) was the owner of a 2002 Mustang GT which he had finally paid off after five long years of payments. I had helped Joe with his taxes a few weeks ago. [...]
Most people find financial statements identical to a foreign language. To ensure that financial statements are easier to understand, there is a set of rules and practices known as the generally accepted accounting principles (GAAP). Development of these rules provides a basic guideline accounting because I think its fair to say that it can get [...]
How can I protect myself from fraud? Unfortunately, fraud does sometimes happen in small businesses. It tends to happen when a busy business owner puts complete trust in someone, and completely ‘leaves them to it’. The employee comes to realize that no one is really checking or overseeing what they are doing, and when a [...]
Accounting, a.k.a. The Language of Business, is a large and diverse topic. Subtopics include financial accounting, cost accounting, management accounting, internal auditing external auditing, international accounting, governmental and not-for-profit accounting and taxes. The subtopic that comprises the largest portion of an accountants academic program of study is financial accounting. The purpose of financial accounting is [...]
Complete financial accounting course or tutorial covers a range of following topics. It is being evaluated that how computers have affected traditional accounting methods and practices. Financial Accounting with Double Entry Bookkeeping Principles of Accounting Basic Book of Accounting – Journal Accounting Ledger Accounting Sub Journals – Cash Cook Subsidiary Accounting Books Accounting Verification by [...]
TOP TEN TIPS FOR MANAGING YOUR SMALL BUSINESS FINANCES Always work on the basis that youll need more than you actually do. You often only have one chance of raising money so remember that when working out your figures. If your figures are too conservative, it could have a huge impact on the future of [...]