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A drawing account isn’t a bank account. It’s a record that shows how much money the business owner has taken out for personal use. This
Understanding the roles of creditors and debtors in your business is necessary. You might be both a creditor and a debtor, depending on your transactions.
Understanding accounting concepts is one of the most essential parts of running a business. These concepts help you make intelligent financial decisions and keep your
A trial balance is a statement prepared by a company at the end of the financial year to assist in preparing financial statements or the
Discounts have always been important in attracting customers by offering savings and value. In competitive markets, where consumers see many offers, brands need to use
Several people affiliated with a specific company or an LLP possess capital in accounting. When part of the team, they transact by investing cash in
The term appreciation in accounting is the increase in the price or value of an asset over a period. It can occur because of increased
Depreciation in accounting is used to spread the cost of a physical asset over its useful life. It tracks how much of the asset’s value
A business requires cash at some point in its existence for several reasons. Although some costs can generate more revenues in the future, others are
The progressive tax rates are a financial scheme in which the tax rate increases as income rises. The system is composed of Multiple levels, or
Legal entities in the business world come in many forms. They can be people, businesses, or organizations with specific legal responsibilities. Local city councils, regional
The accounting equation is a fundamental balance sheet component and is considered the foundation of accounting. It allows a company to verify that its liabilities
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