In Financial Accounting - Reporting for those outside the business, the 3 most important financial statements, relevant for budding entrepreneurs are:
1. The Statement of Financial Position or the Balance Sheet
2. The Statement of Income or The Profit & Loss Statement
3. The Statement Of Cash Flows.
The Balance Sheet shows the business's assets, the liabilities, and the [...]
As an entrepreneur, who are thinking of going into business, or who is already conducting business, you have to start learning about the basic concepts of Accounting because they are the concepts that are used in reporting your business activities to the government come tax time. It is time you must know about one of [...]
As an entrepreneur, planning and implementing the accounting system of the business that you hope is going to make you money, it is important that your accounting system must produce information that are going to be useful to you and to those who are reading it.
How do you do this? Information that a business is [...]
Accounting is a very important part of a business. As an entrepreneur, you either do it yourself or get someone else to do it for you. I have included this article for freelancers to have a very broad outline of the accounting profession. With this you can at least appreciate the discipline as well as [...]
There are many types of organizations. We can separate them into two major divisions: organizations existing to create profits (profit organizations. Includes business entities) and organizations that exist primarily for another purpose (non-profit organizations. E.g: charity organizations).
3 Types of Business Entities and their common characteristics:
1. Sole Proprietorships.
Sole proprietorships are business that are owned and operated [...]