Accounting word of the Week
Today, we are looking at the word sales allowance. Sales allowance is a reduction in the selling price of goods because of a particular...
IRS Reduces Optional Standard Mileage Rate
The IRS just issued, an optional standard mileage rates, that are used to calculate the deductible costs of operating an automobile for...
Accounting word of the week
Promotional expenses are fully tax deductible.
Accounting word of the week
Today we are looking at the word Owners’ Equity. Owners’ Equity means the interest of the business owners in the assets of the business...
The Closing Process
As we approach the end of the year, allow me to focus on the closing process. The closing process is a method whereby it reduces the...
Accounting word of the Week
As we our fast approaching the end of the year, I would like to start addressing a few things to remember in the next couple of weeks....
Cash Flow Statement: Importance and Classification
In this article, I would like to discuss the importance and the classification of a cash flow statement. The cash flow statement is to...
Accounting word of the week
Today, we are looking at the word Working Capital. Working Capital equals current assets less current liabilities. Working Capital...
Accounting word of the week
The word this week is uncollectible account. An uncollectible account is an account such as a receivable, notes receivable, or any other...
Accounting word of the week
As a business owner, more than likely, at some point in time, you will have to write-off bad debts on your balance sheet. Most balance...