Basics 1 min read
Linking the Income and Balance Sheet
Generally, a balance sheet and an income statement are prepared and issued together because in a way they are twin…
THE ARCHIVES
Author: Boomi Nathan.
J. BoomiNathan is a writer at SenseCentral who specializes in making tech easy to understand. He covers mobile apps, software, troubleshooting, and step-by-step tutorials designed for real people—not just experts. His articles blend clear explanations with practical tips so readers can solve problems faster and make smarter digital choices. He enjoys breaking down complicated tools into simple, usable steps.
Basics 3 min read
Balance Sheet
A Balance sheet is like a “snapshot” that gives you the overall picture of the financial health of a company…
Basics 1 min read
Income & Expense Accounts
Income Accounts These accounts are used to track income earned during the process of operating your business. The income of…
Basics 1 min read
Income Statement
An Income Statement is also called a Profit and Loss Report. In addition, the word Revenue is often used in…
Basics 2 min read
Managing Payroll
Payroll Records An employer, regardless of the number of employees, must maintain all records pertaining to payroll taxes (income tax…
Basics 2 min read
Break-Even Point
One of the first steps in evaluating a business is determining your break-even point. This is the number of units…
Basics 3 min read
Calculating Inventory Value
A company can raise or lower its earnings by changing the way it calculates the cost of goods sold. As…
Basics 2 min read
Managing Inventory
Merchandise Inventory Merchandise inventories are the goods that are on hand for the production process or available for sale to…
Basics 2 min read
Managing Expenses
The Expense Authorization system is a commonly used method to keep track of and control expenses. It is based upon…
Basics 3 min read
Managing Sales
Sales made by businesses can be broken down into the following main categories: • Cash sales • Sales on account Cash Sales…
Basics 1 min read
Petty Cash
The principal method for maintaining internal control of cash is using a checking account. However, a business usually has minor…
Basics 3 min read
Managing Cash
Bank Reconciliation Typically, a business will use a bank checking account to help control the flow of cash. Cash received…