by Online Tutorial & Training Guide | Oct 29, 2025 | Accounting Fundamentals, Terminologies
An accounting method where every transaction affects at least two accounts, with equal debits and credits. This system ensures the accounting equation (Assets = Liabilities + Equity) always remains balanced. It is the global standard for accurate accounting.
by Online Tutorial & Training Guide | Oct 28, 2025 | Chart of Accounts, Equity, Terminologies
Represents ownership interest in a corporation. Issued shares grant voting rights and residual claim on profits. Equity increases when stock is sold to investors.
by Online Tutorial & Training Guide | Oct 28, 2025 | Financial Statements, Terminologies
Measures how effectively a company generates profit from shareholders’ investments. Calculated as Net Income ÷ Shareholders’ Equity. A key metric for investors.
by Online Tutorial & Training Guide | Oct 27, 2025 | Other Key Terms, Terminologies
The master set of accounts that consolidates all financial transactions of a business. It contains both balance sheet and income statement accounts. The G/L is the backbone of financial reporting.
by Online Tutorial & Training Guide | Oct 25, 2025 | Assets, Chart of Accounts, Terminologies
A temporary account used to track goods bought for resale. At the end of the period, it adjusts into inventory and COGS. Helps monitor supplier activity and inventory turnover.
by Online Tutorial & Training Guide | Oct 25, 2025 | Chart of Accounts, Liabilities, Terminologies
A long-term liability secured by real property. Payments typically include both principal and interest. Often broken into current and long-term portions.
by Online Tutorial & Training Guide | Oct 21, 2025 | Key Accounting Concepts, Terminologies
Requires a business to use the same accounting methods from period to period. This allows for comparability across time. Any changes must be disclosed and justified.
by Online Tutorial & Training Guide | Oct 20, 2025 | Internal Controls & Compliance, Terminologies
An independent examination of financial statements by a third-party auditor. Provides assurance to investors, creditors, and regulators. Required for public companies and many large entities.
by Online Tutorial & Training Guide | Oct 18, 2025 | Financial Statements, Terminologies
Reports the inflows and outflows of cash from operating, investing, and financing activities. It explains why net income may differ from cash position. Vital for understanding liquidity and sustainability.
by Online Tutorial & Training Guide | Oct 17, 2025 | Chart of Accounts, Expenses, Terminologies
Covers landline, mobile, and data communication costs. Increasingly includes VoIP and internet-based communications. Supports day-to-day operations.
by Online Tutorial & Training Guide | Oct 16, 2025 | Assets, Chart of Accounts, Terminologies
Costs incurred for projects still under development, such as a building not yet finished. This account accumulates expenses until the asset is ready for use. Once complete, the balance is transferred to a fixed asset category.
by Online Tutorial & Training Guide | Oct 16, 2025 | Accounting Proram, Terminologies
The ability to save system data regularly and recover it in case of error or loss. Cloud systems often do this automatically, while on-premise requires manual setup. Protects against data breaches or technical failures.
by Online Tutorial & Training Guide | Oct 15, 2025 | Taxes & Regulations, Terminologies
An indirect tax charged on goods and services at the point of sale. The business collects it on behalf of the government. Must be reported and remitted regularly.
by Online Tutorial & Training Guide | Oct 15, 2025 | Accounting, QuickBooks Tutorial
Last updated: September 09, 2025 · Beginner & Intermediate QuickJump Overview Before You Start Configure Sales Settings Customize Invoice Design Automation & Reminders Recurring Invoices Email & Online Delivery Default Terms & Due Dates Sales Tax on...
by Online Tutorial & Training Guide | Oct 15, 2025 | Assets, Chart of Accounts, Terminologies
A contra-asset account estimating the portion of receivables unlikely to be collected. It aligns revenues with probable losses. It prevents overstating assets in financial reports.
