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…
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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…