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June 24, 2021

Charles Lutwidge
What Are the Main Income Statement Accounts?

What Are the Main Income Statement Accounts?

In today’s article, we are going to review the main accounts that are found on one of the financial statements prepared by the businesses, the Income statement. Trading Account The trading account category deals with the price of goods sold and..

Articles

June 23, 2021

Charles Lutwidge
Learn How to Calculate Cost Per Unit

Learn How to Calculate Cost Per Unit

Basics Unit cost is one of those basic principles but it is one that is very important to know. It goes hand in hand with the concept of profitability. For instance, if you sell a shirt for $5 and it cost..

Articles

June 17, 2021

Charles Lutwidge
Debits and Credits in Accounting

Debits and Credits in Accounting

Definition There are many reasons why accounting is important. Bookkeeping is a system in which every business transaction is reflected in a specific record. Summarizing all business operations, a complete picture of the company’s activity is created. Everything is based on..

Articles

June 16, 2021

Charles Lutwidge
Capital Budgeting Explained

Capital Budgeting Explained

Financial plans are guides that allow you to navigate the financial capabilities of an enterprise and choose effective actions. Budget planning of income and expenses, for instance, is needed to save money, to be efficient in financial management, to reduce non-productive..

Articles

June 15, 2021

Charles Lutwidge
Indirect Method – Cash Flow

Indirect Method – Cash Flow

Overview Cash is the most liquid category of assets, which provides the greatest degree of liquidity and, consequently, freedom of choice. It represents the beginning and end of the life cycle of any enterprise whose purpose is to make a profit...

Articles

June 14, 2021

Charles Lutwidge
Asset Turnover Ratio Explanation and Example

Asset Turnover Ratio Explanation and Example

To improve the efficiency of using the company’s own funds, timely analysis of performance indicators, including the calculation of asset turnover, is required. In the article, we will tell you how to correctly calculate the asset turnover ratio, explain what the..

Articles

June 11, 2021

Charles Lutwidge
Simple Explanation of the Periodic Inventory System

Simple Explanation of the Periodic Inventory System

Inventory is a way of verifying the actual availability of valuables listed in the organization’s accounting records, their condition and correct storage, and so on with accounting data. The purpose of the inventory is to ensure the reliability of accounting and..

Articles

June 07, 2021

Charles Lutwidge
The Beginner’s Tutorial to Bookkeeping

The Beginner’s Tutorial to Bookkeeping

Bookkeeping in its essence is the activity of keeping a record of economic activities transactions of a company in a documentary form. It facilitates the management of economic activities, payment of salaries, calculation and payment of taxes, and other mandatory cash..

Articles

June 06, 2021

Charles Lutwidge
Accrued Payroll Explanation

Accrued Payroll Explanation

Definition Every business owner will likely come across the term accrued payroll sooner or later. As you probably know, wages and salaries mean the same thing. This is the amount you pay your employees. At the same time, wages may vary..

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