Create a Non-Profit Chart of Accounts
If you are performing accounting tasks for a non-profit, you will need a chart of accounts for your general ledger. Learn about how to create a …
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Learn about the Basics of a General Ledger
A general ledger is a business’s main accounting record. If this is all you know about a general ledger, you’re in the right place. Learn …
Continue ReadingSample Chart of Accounts - Free Template for Download
Do you have the required accounts for your business? Learn how to create a chart of accounts through an explanation of a sample chart of accounts in …
Continue ReadingVarious Types of Cost in Managerial Accounting
If you think that accounting costs are limited to accounts payable and inventory purchases you haven’t heard of opportunity and sunk costs. But …
Continue ReadingWhat Are the Accounting Rules for Fixed Assets
If you own a business and have a plant as well as equipment, you have to follow different accounting rules for fixed assets compared to current assets …
Continue ReadingThe Difference Between Managerial vs. Financial Accounting
All accounting reports are not alike. They don’t all fall under the term ‘financial accounting’ either. Some accounting reports, …
Continue ReadingUnderstanding the Importance of Business Ethics in Managerial Accounting
When companies don’t see the importance of business ethics in managerial accounting they usually end up down the same road as Enron: bankrupt. …
Continue ReadingImportance of a Trial Balance in Financial Statements - Know Your True Profit or Loss
In the world of financial accounting you really can’t produce accurate financial statements without a trial balance. What is the importance of a trial …
Continue ReadingUnderstanding the Expanded Accounting Equation and Its Components
In understanding the expanded accounting equation, the matter of determining the type of business is important since accounting for a single …
Continue ReadingWhat are the Primary Components of a Trial Balance Sheet?
In financial accounting every journal entry made in the general ledger flows to the trial balance. What is a trial balance sheet and why is it so …
Continue ReadingPros and Cons of Debt Financing
Debt financing is funding investments or expenditure using money borrowed from an outside source under condition of repaying the principal and the …
Continue ReadingTypes of Depreciation Methods: Which One Should You Use?
Confused about depreciation on fixed assets? Depreciation is simply the calculation of wear and tear on assets and is reported annually on your …
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