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July 05, 2021

Charles Lutwidge
What Is Chart of Accounts Numbering and Why Do You Need It?

What Is Chart of Accounts Numbering and Why Do You Need It?

Overview Chart of Accounts serves as a basis for the whole accounting process. It is a place where bookkeepers list all the account titles that they have access to and can use for recording various business transactions in the company’s books..

Articles

July 04, 2021

Charles Lutwidge
Basic Explanation of Order of Liquidity

Basic Explanation of Order of Liquidity

What is liquidity? Liquidity in accounting is the ability to quickly turn assets into their monetary equivalent at good prices. There are high and low liquidity assets, as well as non-liquid assets. The concept of liquidity can be applied to any..

Articles

July 03, 2021

Charles Lutwidge
Expense Recognition Principle: Meaning and Importance

Expense Recognition Principle: Meaning and Importance

In the modern business world, all enterprises, regardless of their type and form of ownership, maintain accounting records of business operations in accordance with the current legislation. Consequently, in the course of the organization’s activities, expenses are always an inevitable part..

Articles

July 02, 2021

Charles Lutwidge
What is Tax Shield?

What is Tax Shield?

Overview Tax payments is a topic that you get familiar with as soon as you get your first job or start your own business. Many find the tax payments to be a big burden for them financially in addition to simply..

Articles

July 01, 2021

Charles Lutwidge
What Is Depreciation Tax Shield?

What Is Depreciation Tax Shield?

Depreciation Depreciation is an accounting method that calculates the life and wear value of tangible assets, and the tangible value of these assets is included in parts in the cost of the final product or service. We can say that depreciation..

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June 30, 2021

Charles Lutwidge
Post Closing Trial Balance

Post Closing Trial Balance

Business accounting is an integral part of the business process and should be treated with special responsibility. Recordkeeping includes the following main points: preparation of the necessary documentation; data processing; preparation of financial statements; contacting regulatory authorities and financial institutions. This..

Articles

June 27, 2021

Charles Lutwidge
What Is Net Sales and How to Calculate It?

What Is Net Sales and How to Calculate It?

Sales volume is the main indicator of the company’s performance. It can be expressed in the actual number of units of products sold or in the total amount of funds received on the firm’s account after the sale of goods. In..

Articles

June 26, 2021

Charles Lutwidge
Product Cost Meaning and Calculation

Product Cost Meaning and Calculation

Overview Any business activity involves costs. The company’s finances are spent on diverse processes and purchases necessary for the making of products, maintenance of equipment, the purchase of raw materials, packaging, transportation, as well as on management processes, not to mention..

Articles

June 25, 2021

Charles Lutwidge
Classified Balance Sheet

Classified Balance Sheet

Overview A Balance Sheet is a document that you will see in every business. In different countries, it is customary to draw up this financial statement in different forms, but the essence does not change. The main differences lie in the..

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