Multi-Step Income Statement

The income statement is one of the three financial statements. This statement gives you an accurate measurement of company performance, and may also be called a profit and loss statement. An income statement offers an overview of total expenses and revenues across a specific period. While smaller businesses do well Read more…

Accounting Adjusting Entries

The accounting cycle can be broken down into several steps, one of which is the accounting adjusting entries phase. Accountants record adjusting journal entries into general ledger accounts. These accounts are prepared at the end of the financial year. What is an Adjusting Entry? As mentioned, adjusting entries are made Read more…

Wave Accounting Review

There are many accounting and bookkeeping solutions available for freelancers and entrepreneurs. Wave Accounting is one of the most well-known names in the business, but how does it really compare to other solutions? Our review of Wave online accounting is here to answer that question – and more. What is Read more…

Single Step Income Statement

The income statement is an integral part of accounting, both personal accounting and business accounting. Income statements are broken down into the single-step income statement and multi-step income statement. Let’s look at these different financial statements and assess the difference between single-step and multi-step income statement options. We’ll compare the Read more…

Basic Accounting Equation

Does your business use the double-entry accounting system? If so, you’ve likely come across people talking about the accounting equation. Perhaps you’re asking yourself, “what is the accounting equation?” Please keep reading to learn more about the fundamental accounting equation and why it matters for you and your business. What Read more…

Unearned Revenue

There are many things to keep track of as a business accountant. Not only should you track revenue a company has, but you may be called upon to record unearned revenue. What is unearned revenue? How do you keep track of it? Our guide to unearned revenue accounting will answer Read more…

Calculate Retained Earnings

Retained earnings are an essential part of the financial well-being of a company. When you calculate retained earnings, you get a better idea of how much your business has to re-invest in itself. Our guide will take you through retained earnings, including what they are and how to calculate them. Read more…

Bookkeeping 101

Bookkeeping is an essential part of doing business. Our bookkeeping guide will look at the basics of bookkeeping and help beginners understand this crucial process more. Beginner’s Guide to Bookkeeping Bookkeeping refers to the process of tracking financial transactions by businesses. Financial transactions are reported along with supporting documentation. The Read more…