Business Owners: How To Keep Your Books Ready For The IRS
Investorline As a business owner, you should deposit all business receipts in a separate bank account. If possible, you should also make all disbursements by check. In regard to all business…
A Crash Course On Understanding Financial Statements
Businesses operate to achieve various goals. To meet these goals a business must achieve two primary objectives: To earn a satisfactory profit and to remain solvent (be able to pay…
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public’s interest.…
Bookkeeping process
The bookkeeping process refers primarily to recording the financial effects of financial transactions only into accounts. The variation between manual and any electronic accounting system stems from the latency between…
Bookkeeping
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be…
What are Audits and what are its types?
The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar…
What do you mean by Net present value?
Net present value In finance, the net present value (NPV) or net present worth (NPW)of a time series of cash flows, both incoming and outgoing, is defined as the sum…
What do you understand by Discounted cash flow?
Discounted cash flow In finance, discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All…
Credit counseling
Credit counseling (known in the United Kingdom as debt counseling) is a process that involves offering education to consumers about how to avoid incurring debts that cannot be repaid through…
What do you understand by Bankruptcy or insolvency?
Bankruptcy or insolvency is a legal status of a person or an organisation that cannot repay the debts it owes to its creditors. Creditors may file a bankruptcy petition against…