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Turning money into Gold is pretty simple in this day and age. There are countless ways to buy gold coins and bullion online. However, when doing so, be sure you are buying from a highly rated website. Do your research on where are the best places and what are the best practices. Gold is not […]

Steps You Can Take When Another Business Interferes With Your Business In today’s competitive business market, businesses are vying for lucrative contracts. What happens when another business interferes with your lucrative contract? You may hire a business lawyer and sue them for interfering with economic prospective. You can sue them for intentional interference with your […]

Discount vs Rebate Discount and rebate are commonly used terms in today’s dynamic markets, especially in the e-commerce world. Rebates and discounts are distinct forms of price cuts that directly or indirectly promote the overall sales of a business. Both the terms may sound similar, however, there is some difference between discount and rebate. applied. […]

Journal Entry for Sales Returns or Return Inwards Sometimes due to various reasons goods sold by a company may be returned by the respective buyer(s). This may happen due to several different reasons, in business terminology, this action is termed a sales return or return inwards. Journal entry for sales returns or return inwards is […]

Journal Entry for Purchase Returns or Return Outwards Sometimes goods purchased by a business are unfit for use and may need to be returned to the respective supplier(s). This may happen due to several different reasons, in business terminology, this action is termed purchase returns or return outwards. Journal entry for purchase returns or returns […]

Journal Entry for Director’s Remuneration The word “Remuneration” means any money or its equivalent paid to someone in exchange for using their services. Any such payment made to directors of a company is to be recorded in the books of accounts with the help of a journal entry for director’s remuneration. Director’s remuneration is the […]

Outsourcing Your Businesses Bookkeeping I think we can all agree that accurate accounting is a vital ingredient in a company’s success. The daily requirement of recording this information is often a low priority for those involved in running a business. Bookkeeping is a skill that many entrepreneurs do not have or realize they need until […]

Businesses Cash Flow For Loans Are you looking for a loan to keep your business ‘s cash flowing? Sometimes you need help to keep your business fluid and it may be that you need a cash flow loan. There are many quick collateral-free loans available to help you. There is no risk to your business […]

Few Reasons For Buying a Smartphone on EMI Smartphones have become a necessity for many people throughout the world. Today’s technically advanced smartphones are capable of doing much more than just receiving and placing phone calls. And its potential is not restricted to just connecting you on social media platforms; you can use the technology […]

Loss Vs Expense Loss – is the excess of expenditure incurred over revenue earned by a business for a given accounting period. It reduces the total capital invested in the business. Such monetary damage may arise due to; Business operations – Relating to business activities. Non-recurring events – Relating to unforeseen events e.g. fire, theft, […]

Invoice or Bill An invoice is a document created by the seller as evidence of a sales transaction between a buyer and the seller. It is often prepared in case of a credit sale. Nowadays invoices are prepared with the help of ERPs i.e. in a digital format yet they can also be prepared on […]

Cash Memo In accounting, all transactions are properly documented as evidence of the financial trail. Cash Memo is a source document used in case of a cash transaction between the seller and a buyer. In case of a cash sale, the seller prepares the cash memo and hands it over to the purchaser. It acts as […]

Net Profit and Net Loss A business may earn from various different operating and non-operating sources. Furthermore, it may pay for several different continuous and one-time events. The difference between indirect expenses and indirect incomes of business gives rise to net profit and net loss. In its adjective form, the word “Net” means the amount remaining after all deductions. In […]

Gross Profit and Gross Loss A business may earn money from various different operating and non-operating sources. Similarly, it may spend on several different ongoing and one-time items. The difference between direct expenses and direct revenues of business gives rise to gross profit and gross loss. In its noun form, the word “Gross” means an […]

Sales Book Vs Sales Account Sales Book – It is a subsidiary book of accounting used to record all goods sold on credit. One of the major differences between sales book and sales account is that only the items sold on credit are recorded in the sales book, whereas the same is not applicable to […]

Meaning and Overview Type of Account Trading Account Format (download PDF/Excel) How to Prepare a Trading Account? Items in a Trading A/c Purpose of preparation Trading Account vs Profit & Loss Account Quiz   Meaning & Overview A trading account is used to record the sale and purchase of goods/services. This temporary account closes at […]

Purchase Book vs Purchase Account Purchase Book – It is a subsidiary book of accounting used to record all goods purchased on credit. One of the major difference between purchase book and purchase account is that only the items purchased related to the core business operations are recorded in the purchase book, whereas the same […]

Bad Debts Journal Entry Example Bad Debts Adjustment in Final Accounts Bad Debt Recovery Journal Entry Provision for Bad Debts Journal Entry Practice Quiz Insolvency may cause some debtors to fail to pay their dues on time. Such partially or fully irrecoverable debts are called bad debts. Accounting and journal entry for bad debt expense […]

Debtors vs Creditors While purchasing goods on credit a buyer may not make the payment immediately instead both the seller and buyer may enter into a lending & borrowing arrangement. This allows delayed payments for current invoices. Even though payment terms are mutually agreed upon there is still a difference between debtors and creditors. Typically […]

Journal Entry for Loan Payment (Principal & Interest) Loans are a common means of seeking additional capital by the companies. They can be obtained from banks, NBFCs, private lenders, etc. A loan received becomes due to be paid as per the repayment schedule, it may be paid in instalments or all at once. Below is […]

Journal Entry for Loan Taken From a Bank Banks and NBFCs are an integral part of an economy as they act as a support for companies by providing them additional cash leverage in the form of loans. Such a loan is shown as a liability in the books of the company. Following is the journal […]

Becoming a CPA from the USA Becoming a Certified Public Accountant (CPA) in the United States has become more challenging in recent years for several reasons: the type of content tested on the CPA Exam has changed to focus more on the type of real-life tasks CPAs perform; the scope of content on the exam […]

Accounting and Finance Courses from Udemy For those of you who are not aware of Udemy, as of today, it is one of the top online education portals and learning platforms in the world. In this article, we will explain why you should consider enrolling in accounting and finance courses from Udemy. Udemy has plenty of […]

Management Accounting The word “management accounting” is a combination of two words “Management” & “Accounting”, in layman terms this means accounting for internal management. Also known as managerial accounting, it deals with generating financial information for business managers within the organization. Its main purpose is planning & decision making. In real-life scenarios, this is achieved with […]

What is the Difference Between Current Assets and Liquid Assets? Current Assets and Liquid Assets are both used to assess a company’s cash position and are also applied in the process of ratio analysis to compare with other related variables. They are similar, however, there is a slight difference between current assets and liquid assets. Both current assets […]