Business and Accounting Basics

Liabilities are the items owed by the business. They are non-current also known as long-term or they are current also known as short-term. Non-current or long-term liabilities are items that are paid off in more than one year. They are used to pay for fixed assets that are kept in …

“Cash is King” is a common saying in business. While satisfying your passion and filling the needs of consumers are also rewarding, the handling of cash and cash equivalents is the main concern of any business owner. This is why the Cash Book is dedicated to recording all transactions that …

The Accounting Cycle is a topic that varies according to the level of accounting that you are studying or doing for a business. If you research Accounting Cycle, you would be bombarded with versions that might make your head spin. This article focusses on basic accounting for small business owners …

When you ask students to tell the difference between their needs and wants, the answers are surprising. They say that they cannot live without their cell phones, a car, the latest outfits, a bed, cheesy pizza and of course, money. These are considered needs and the wants become a fuzzy …

For every transaction made in a business, you must record a debit entry and a credit entry in the ledger accounts. This rule is called the double entry system. The debit entry goes on the left side of one T account and it must have the same amount as the …