What are auditors?

Accountants and auditors help to ensure that the Nation’s firms are run efficiently, its public records kept accurately, and its taxes paid…

Building Cash Reserves

Building a financial cushion for your business is never easy. Experts say that businesses should have anywhere from six to nine months worth of…

Investing and financing

Another portion of the statement of cash flows reports the investment that the company took during the reporting year. New investments are signs of…

Depreciation reporting

In an accountant’s reporting systems, depreciation of a business’s fixed assets such as its buildings, equipment, computers, etc. is not recorded as a cash…

What is Depreciation in Accounting ?

Depreciation is a term we hear about frequently, but don’t really understand. It’s an essential component of accounting however. Depreciation is an expense that’s…

Inventory and expenses

Inventory is usually the largest current asset of a business that sells products. If the inventory account is greater at the end of the…

Balance sheet

A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a…

Gains and Losses

It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits. But there are…

Assets and Liabilities

Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our personal…

Making a Profit

Accountants are responsible for preparing three primary types of financial statements for a business. The income statement reports the profit-making activities of the business…