Lesson 3 In The Basic Accounting Series: Learning how to record accounting journal entries is the foundation of any business accounting course. Let us show you the steps and some examples! If you are a student, small business owner, or just wanting to brush up on your accounting skills, understanding the basic accounting concepts of debits and credits and double-entry accounting will be the …
Lesson 4 In The Basic Accounting Series: A general accounting ledger is a collection of your chart of accounts. It is where all of your general journal entries or financial transactions end up for the accounting period. While spreadsheets can be used, most all accounting these days is done on with software, which makes it easier for …
Lesson 5 in the Basic Accounting series: Understanding financial statements are one of the keys to your small business success because the statements are a reflection of the company’s financial performance and the company’s financial health. Sadly, many entrepreneurs fail not because they lack knowledge of their products and determination… but, because they failed to …
Lesson 6 in the Basic Accounting series: Financial ratios and performing a financial analysis using your financial statements can help to construct a successful small business. Financial Ratio – Comparative Analysis Comparing your current financial statements to: previous years previous months previous quarters …can tell you how your business is doing financially and if it …
Lesson 7 in the Basic Accounting series: Your small business’s break-even point is the point where the total revenue equals your total costs associated with the sale of your product or service or an even simpler accounting definition is the point where your business does not have any earnings and does not make a profit or suffer …