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Every business has a general ledger: Cash at Bank account in the Balance Sheet that records every transaction that involves

Many people do not view the chart of accounts as important. There are many reasons you should consider preparing the

What is Account Receivable?

Let’s imagine that when we are purchasing some groceries, we queue at the cashier and pay for the groceries. We

What is Accounts Payable?

Accounts payable are a liability to a party, known as a creditor, in an open account, generally for purchases of

There is always a confusion among business owners about the difference between audit, review and compilation of financial statements. There

3 Biggest Myths About Accounting

Every business owner is required to record their transactions, regardless of the size of the business. This is because precise

When it comes to handling cash flow, being wise about financial record keeping would help to save a lot of

3 Top Common Errors in Accounting

Accounting mistakes occur from time to time, but they could be prevented through proper preparation and planning. It takes more

There are three primary sections in a balance sheet, which are assets, liabilities and shareholder equity. If we understand the

At the start-up level, it is simple for a small company owner to file transactions of the business. When the

Introduction to Balance Sheet

You will see a balance sheet when doing bookkeeping using an accounting software application or employed an accounting professional to

What Is Accrual Basis Accounting?

There are two bases of accounting, which are cash and accrual basis. Using cash basis, when cash is accepted or