Basics
Financial Accounting | Basic Concepts and Principles
Definition and introduction Profit, it has been said often, is the sole objective of business. Therefore, for those…
August 16, 2021 · Boomi NathanBasics
Basics
Understanding Debits and Credits
As a small business owner, you may be struggling with the concept of what is debit (DR) and…
August 16, 2021 · Boomi NathanBasics
10 Accounting Basics You Need to Know to Run a Successful E-commerce Business
1. Get yourself accounting software Don’t try to piece it all together using excel or a calculator. Do…
August 16, 2021 · Boomi NathanBasics
Revenue Recognition Principle
So when do you recognize revenue in your reports, statements and forecasts? Let’s start with defining the revenue…
August 16, 2021 · Boomi NathanBasics
Basic Accounting Data Collection And Recording Terms
Account: This is where you keep a detailed record of each asset, liability, revenue, or expense. An account will…
August 16, 2021 · Boomi NathanBasics
What Is The Accounting Cycle?
The accounting cycle is a series of activities that compiles an organization’s transactions at the end of a…
August 16, 2021 · Boomi NathanBasics
What is meant by reconciling an account?
Reconciling an account often means proving or documenting that an account balance is correct. For example, we reconcile the balance…
August 16, 2021 · Boomi NathanBasics
What is included in cash and cash equivalents?
The term cash and cash equivalents includes: currency, coins, checks received but not yet deposited, checking accounts, petty cash, savings accounts, money…
August 16, 2021 · Boomi NathanBasics
What is principles of accounting?
Three meanings come to mind when you ask about principles of accounting… 1. Principles of Accounting was often the title…
August 16, 2021 · Boomi NathanBasics
What is the difference between an implicit cost and an explicit cost?
An implicit cost is a cost that has occurred but it is not initially shown or reported as a separate…
August 16, 2021 · Boomi Nathan