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Accurate record-keeping plays a vital role in managing your finances and making informed business decisions. However, setting up and maintaining your accounting books requires a basic understanding of accounting terminology. What is a normal balance of accounts? Which account has a..

The financial statements of companies are a kind of guideline for investors and an essential aspect of financing and the economy as a whole. After all, the financial condition of the largest national companies of any country is, first of all,..

One of the characteristics of a market economy is the competition between businesses, and the most important financial indicator for a business is profit. The forces that stimulate growth, along with other economic indicators, show the business entity’s efficiency. Further development..

Businesses are complex systems made up of many components that all need to work together to succeed. With no marketing, sales won’t be made, and without staff, a product won’t be developed, etc. Business relationships can be challenging to track and..

In the previous articles, we have come to know who Enrolled Agents are and what they do in essence. Today, let us have a nice run of procedures of taking the Special Enrollment Exam’s process and its nature. Agents get their..

One of the characteristic features of a market economy is the competition of most companies among themselves. The most important economic indicator showing the effective operation of a company is retained earnings. The positive dynamics of this indicator, along with other..

Before we try to explain the unearned revenue, let’s see what revenue means. Revenueis funding in cash or another form received by the business as a result of its economicactivities. There are three different revenue recognition situations: Accrual revenue – revenue..

The main goal of any business is to maximize profits, and how well a business thrives depends on what economic resources are available to it. A simple equation can be used to represent these resources (assets) and show where they came..

The accounting equation can have many forms and a variety of uses in bookkeeping. You should not ignore any accounting equation if you want your business to be successful, as this equation is the foundation of your company’s balance sheet, which..