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December 03, 2019

Charles Lutwidge
What is the accounting cycle?

What is the accounting cycle?

An accounting cycle is a system of actions for identifying, summarizing, and submitting reports on economic events and operations. The stages of the accounting cycle include maintaining transaction records in the ledger, drawing up a trial balance, reconciling accounts, drawing up..

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December 02, 2019

Charles Lutwidge
What is a general ledger account?

What is a general ledger account?

Definition of General Ledger Account The general ledger (GL) is the main consolidated accounting register, which reflects data on the company’s entire financial transaction history for all bookkeeping accounts used by the company. Businesses can maintain the general ledger on paper..

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November 27, 2019

Charles Lutwidge
Royalties in Accounting

Royalties in Accounting

The concept of “royalty” came from the Latin language, where “regalis” meant “royal”. Today, the term has nothing to do with monarchs, but it directly relates to finances, money, making a profit. Royalty is a type of monetary reward for the..

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November 26, 2019

Charles Lutwidge
Accruals and Deferrals

Accruals and Deferrals

When it comes to accounting, timing is everything. To allocate revenues and expenses to the right accounting period, accountants use accruals and deferrals. This approach also helps with comparing financial statements from different periods. Accruals and deferrals follow the Matching Principle..

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September 30, 2019

Charles Lutwidge
What is the accounting equation?

What is the accounting equation?

The accounting equation is a fiscal formula used to calculate the relationship between various economic indicators within a business. This equation is usually presented in the form of a simple breakdown of values on a balance sheet. The accountancy formula highlights..

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September 30, 2019

Charles Lutwidge
What is Unearned Revenue in Accounting?

What is Unearned Revenue in Accounting?

Revenue is an increase in an enterprise’s economic benefits over a specified reporting period. Revenue may come in the form of a revenue receipt (this is money received through regular business operations), asset sales, or a decrease in liabilities. Revenue leads..

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September 09, 2019

Charles Lutwidge
Retained Earnings Statement

Retained Earnings Statement

At the end of the year, at a general meeting of shareholders of the company or thefounders of the business, a decision is made on the distribution of the company’s netprofit. Part of the financial income that has not been distributed..

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September 09, 2019

Charles Lutwidge
A Guide to Prepaid Expenses

A Guide to Prepaid Expenses

To estimate the prospects of your business and properly manage it, you need a fast,and at the same time, a reliable way to calculate expenses and profits. To do so, youneed to account for all your costs, including prepaid expenses properly...

Articles

September 09, 2019

Charles Lutwidge
The Agent Background

The Agent Background

IntroductionThe business world keeps evolving every working day. Market trends and income-generating opportunities keep coming, which allows brave entrepreneurs to start-up businesses. As a ripple effect, the demand for the taxation workforce arises as well. So during these business-minded days, being..

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