Account Receivable

How Difficult is an Accounting-related Job? Is It Really Stressing?

Accounting and finance are indeed competitive fields with different career options and good annual packages. Finance professionals and accountants can also set up independent firms or work as freelancers to grow their multiple income streams and increase their wealth. That’s why more and more students are eager to join the accounting field besides computer and …

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7 Best Calculator For CPA, CFA, And Accountants

Financial Accounting, Small Business Tools

If you are a professional accountant, CPA, CFA, or mortgage broker, you will have to spend most of your time doing calculations, analyses, and computations. The calculations’ complexities might differ for each professional, but the need is almost identical. However, it will be unjustified if a professional at such a level is not provided with …

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What is Meant by Credited to Your Account?

Financial Accounting

Individuals and businesses must follow accounting procedures and regulations to report expenses, revenues, assets, liabilities, contingencies, etc. However, when you are just starting to understand accounting and financial reporting, the rules of debit and credit can be very confusing. Yet another confusion that exists is the difference between double-entry, single-entry, GAAP, IFRS, etc. It might …

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Are Accounting and Finance a STEM Degree?

Financial Accounting, Jobs

Have you just graduated high school and are curious about your future career path? Well, many people would be telling you to join any of the STEM majors. And if you have an interest in Finance and Accounting, the question if these subjects are STEM majors or not might be bothering you. Right? Accounting and …

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Is Prepaid Rent a Current Asset? (Is It Debit or Credit)

Financial Accounting

The accrual accounting system is the most prevalent method of accounting used by small businesses and large corporations. The method implies that the expenses and revenues should be part of the income statement only in the financial year they are incurred or earned. It means that cash payment or receipt of the expenses and revenues …

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What Is the Difference Between Adjusting Entries And Correcting Entries?

Financial Accounting

The purpose of accounting in any business entity is to properly record the financial transactions, classify them, and present them as useful information in financial statements and analysis. However, the financial statements and analysis can only be useful and fair if the recording and classification process of economic events and transactions has been done accurately. …

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Is Service Revenue a Debit or Credit?

Financial Accounting

The primary purpose of any business entity is to make a profit through revenue generation activities. Therefore, they perform different operations like manufacturing & trading of goods or provision of services. In general, revenue is defined as the earnings of any business entity from normal business operations that can provide services or sell goods. However, …

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BANK OVERDRAFT: JOURNAL ENTRY WITH EXAMPLES

Financial Accounting

Almost all of us have faced a situation when the bills are due and the incomes have not come around yet. Bank overdraft is ideal in such situations, It is one of the most common sources of short-term financing, especially for small and medium enterprises (SMEs) with fluctuating financial requirements. It works as a backup …

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Which Depreciation Method is Most Frequently Used in Businesses Today?

Financial Accounting

Business entities own different assets that are used for operations and revenue generations. Some assets are consumed within one accounting period, while others last for more than one accounting period. The short-term assets used within one year are not recorded in the company’s balance sheet. Instead, they are recorded as the expense of the company. …

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Is Economics Degree Harder Than Accounting?

Financial Accounting

The choice of your university degree is probably the most significant and critical decision related to your future and professional life. Many students believe that a master’s with a major in science is what they need to have an ideal professional life. While many others believe that skills over degrees matter to make you a …

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