Tag: balance sheet
-
Practical Accounting 3 – What the Business Owns & What it Owes
Before we consider any accounting implications, write down a list of things you might need to start a business. These are all items that the business will own and that it will use to make money. Accountants group these things together and call them assets.
-
Practical Accounting 2 – Purpose of Accounting
Accounting provides an objective way to record the financial effects of business transactions. This results in a set of numbers that can be used to evaluate a company, compare it to other companies, and compare its performance in the current year to prior years.