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What is Memorandum in Accounting? (Definition, Types, and Example)

During the normal course of the business, there are a lot of transactions that require a certain explanation. Generally, things might not always go as planned, and therefore, organizations need to adjust in accordance with these activities. When such situations arise,...

The Practical Balance Sheet Tips

Simply put, it is hard to understand the dynamics of a balance sheet. Especially if you don’t have hands-on experience of preparing it before, the process is going to be overwhelming. In other words, you need to embrace a plethora of assets and liabilities, which are...

Debt to Income Ratio: Definition, Formula, Example, and Analysis

Definition A debt-to-income ratio, also known as DTI, is a measure of the ability of a business or a borrower to pay back their debts. This ratio measures the monthly debt payments of a business or borrower against its monthly gross income. In this case, the monthly...

Cash Receipt Journal – Definition, Explanation, Format, and More

Definition A cash receipts journal is a special journal within the general journal that is used specifically to record all the cash receipts. It has a total record of all the cash collections during an accounting period. The credit sales which the busy ones make are...