October 30, 2020
Charles Lutwidge
Business Credit Card
A business has different needs, and a business credit card can help meet many of these needs. By the way, we are talking not only about large companies but also about small and medium-sized businesses. What is a business credit...
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October 30, 2020
Charles Lutwidge
Notes to Financial Statements
Definition Financial statements are an overview of the results of the company’s work for the whole year. Therefore, the company should pay close attention to the presentation of these results to users of reports. Despite the fact that preparing financial...
October 15, 2020
Charles Lutwidge
Overview of Reversing Entries
Definition A reversing entry is simply an entry that reverses the month-end adjusting entry from the period before. In other words, you just flip the debits and credits you made before to set up an accrual and post an entry...
October 15, 2020
Charles Lutwidge
Basic Accounting Principles
Accounting is a system of continuous and interconnected observation and control over the economic activities of an entity. Afterall, it is impossible to plan the further work of the enterprise without controlling processes. How successful an organization is depends largely...
October 15, 2020
Charles Lutwidge
Introduction to T-Accounts
Every enterprise needs an accounting system that would be able to continuously monitor changes in assets, capital, and liabilities status. Also, this system should provide the ability to draw up a Balance Sheet and other reports at the right time....
October 09, 2020
Charles Lutwidge
Early Payment Discounts
Definition The main task of early payment discounts is to reduce the maturity of accounts receivable and accelerate the turnover of the company’s working capital. Therefore, this commercial instrument can be attributed to a greater extent to the field of...
October 09, 2020
Charles Lutwidge
Stock Splits and Stock Dividends
Stock Dividends A stock dividend is a form of dividends that is issued by a corporation instead of issuing cash dividends. Thus instead of actual outflow of cash, the stockholders further receive stocks with no change in the value of...
October 09, 2020
Charles Lutwidge
Recording Transactions for Beginners
Having business records up-to-date and accurate is vital for every company regardless of its size or its business sector. That is why one of the key duties of accountants is to keep track of all company financial transactions by recording...
