The Basics of Cost Accounting
All types of businesses, whether they provide services, manufacture products, or sell merchandise have costs, and thus, require cost accounting…
8 min read
Bookkeeping basics
Bookkeeping basics
16 posts
Latest Posts
Accounting Basics: The General Ledger
In bookkeeping every financial transaction, whether it’s a sale of merchandise, purchase of equipment, or capital investment, affects the…
9 min read
Net Salary: Definition and Calculation
Net Salary is a key financial term you need to understand before setting up payroll for your employees. Net salary…
5 min read
Statement of Account: Definition, Importance, Components
In an ideal world, everyone respects their deadlines. In the real world, however, clients might not be able to meet…
8 min read
What Is Net Pay? How to Calculate Net Pay (with Examples)
Employees only receive a portion of their initial salary, as a percentage from their income needs to go towards tax…
6 min read
Closing Entries: Definition, Types, and Examples
Every financial transaction goes through an accounting cycle: a multi-step process that records, summarizes, and organizes your transactions into financial…
8 min read
A Beginner’s Guide to Bookkeeping
Are you a small business owner who wants to learn how to do your own books? Do you want to…
14 min read
Periodic Inventory System: Definition and Calculations
Small merchandising businesses can track their inventory with an inventory management approach known as the periodic inventory system. Under a…
9 min read
Cash Accounting: Small Business Guide with Examples
Cash accounting, or cash basis of accounting, is the simplest method businesses can use to recognize their finances. Under cash…
8 min read
Accrual Accounting Explained: Definition, Pros, Cons, & More
Accrual accounting is the standard accounting method most businesses use to recognize their financial transactions. Under accrual accounting, revenue is…
9 min read
Provisions in Accounting: Meaning and Types
In the business world, some costs are unavoidable, whether it be from a customer not paying their outstanding invoice, loss…
8 min read
Accounting Basics: T Accounts
One of the fundamental principles of financial accounting is the T account. A T account resembles the letter T and…
9 min read
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