Basic Accounting | Small Business Networking | Information for small business owners

Basic Accounting – Depreciation

Monday, November 16, 2009

The concept of depreciation is really pretty simple. For example, let’s say you purchase a truck for your business. The truck loses value the minute you drive it out of the dealership. The truck is considered an operational asset in running your business. Each year that you own the truck, it loses some value, until [...]

Basic Accounting Terms and Concepts

Monday, October 12, 2009

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There are a few (and only a few) things you need to understand in order to make setting up your accounting system easier. They’re basic (trust me), and they will probably clear up any confusion you may have had in the past when talking with your CPA or other technical accounting types. Debits and Credits These [...]

Basic Accounting – General Ledger

Friday, July 31, 2009

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The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the life of your company. Subledgers and the General Ledger Your accounting [...]

Basic Accounting – Income Statements

Monday, July 20, 2009

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Income Statements An income statement, otherwise known as a profit and loss statement, is a summary of a company’s profit or loss during any one given period of time, such as a month, three months, or one year. The income statement records all revenues for a business during this given period, as well as the operating [...]

Basic Accounting – Balance Sheets

Monday, June 29, 2009

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A balance sheet is a snapshot of a business’ financial condition at a specific moment in time, usually at the close of an accounting period. A balance sheet comprises assets, liabilities, and owners’ or stockholders’ equity. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or [...]

Small Business Networking | Information for small business owners

Tag Archive | "Basic Accounting"

Basic Accounting – Depreciation

Basic Accounting Terms and Concepts

Basic Accounting – General Ledger

Basic Accounting – Income Statements

Basic Accounting – Balance Sheets

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