June 30, 2021
Charles Lutwidge
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....
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June 27, 2021
Charles Lutwidge
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....
June 26, 2021
Charles Lutwidge
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...
June 25, 2021
Charles Lutwidge
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...
June 24, 2021
Charles Lutwidge
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...
June 23, 2021
Charles Lutwidge
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...
June 17, 2021
Charles Lutwidge
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...
June 16, 2021
Charles Lutwidge
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...
