Author Archives: admin

Profit & Loss Statement

Good recording keeping and precise calculations are valuable because they provide an accurate assessment of the company. At any time, an executive can take a look at a variety of reports to take the pulse of the business’ success. Your …

It's Tax Time: The Forms You Need to Know

It’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return …

Accounting Theory and Practice

Accounting like any other profession has it’s own technical symbols, terminology, and principles.  In accounting, these elements form the “vocabulary” which is used to convey financial information, especially that information presented in the form of financial statements.  Accounting is often …

What Are Income Taxes?

If there’s anything that everyone of us has experienced as Americans, it is income taxes.  Today we will touch very briefly on income taxes and how they are accounted for.  The question that most accountants find themselves asking is, “are …

What is an Expense?

First, consider some clear-cut examples of true expenses.  Perhaps the most obvious example is the amount paid for goods that are sold at retail.  The long title for this particular expense “merchandise cost of sales.”  Thus, if you buy a …