Author Archives: Admin
Let’s Get Started
Good Morning to the what I hope will be the beginning of a long and productive place to share ideas about making your small business (it is not small to you–it is your life) a success. But let’s start today … Continue reading
…An Accounting Overview for Non-Accountants
…There are four basic financial statements. Balance sheet; shows assets owned by the company and its liabilities (items owed to others). Income statement-list of revenues less expenses, to arrive at net income. Cash flow statement-a detailed cash activity report and … Continue reading
…US and International Financial Regulations
…Information has to be easily obtainable in a timely manner. Financial statements have to be prepared for each economic entity. Example can be General Electric. It has to create separate sets of documents for each of its subsidiaries. Going concern … Continue reading
…Understanding the Balance Sheet
…Liabilities are also divided in to two parts. Current and long term; current liabilities are the obligations that mature within a year, and long term ones mature after one year. Owner’s equity can be created from two sources: owner’s investment … Continue reading
…Understanding the Income Statement
…Let’s discuss a single transaction to clarify the impact it has on the income statement and balance sheet to summarize the article. Let’s say ABC auto dealership sold a car for $50,000.00. Price that it paid to the manufacturer was … Continue reading
…Exploring the Ins and Outs of Double Entry Accounting
…Adjusting entries are necessary to record even though they don’t have an exact date attached to them. Things like depreciation, prepaid insurance premiums and bad debts (accounts your business will not likely collect) are all taken care of through adjusting … Continue reading
…Defining and Understanding the Corporation and Its Accounting
…Corporations may also choose to issue stock dividends if their cash is unavailable or needed elsewhere. Stock dividends give a shareholder a larger claim in the company. Another option is to issue a stock split, which is often used to … Continue reading
…The Importance of Cash Flow
…The idea is to create a detailed report of cash activity. It is a “cash log” for the fiscal period that shows in a great detail what happened in a cash account. One thing that you have to remember is … Continue reading
Although my accounting experience is very short, I found the book was a very good tool for the United States and other countries …
Although my accounting experience is very short, I found the book was a very good tool for the United States and other countries since the book mentions both accounting knowledge of the United States and other countries. It is also … Continue reading
I run a service and maintenance business in Botswana.
I run a service and maintenance business in Botswana. When I started the business I did not know where to post transactions, read financial statements, or come up with a budget. Once I bought your book, I have been able … Continue reading
