Revenue Accounts: Celebrating What Your Business Earns (Easy Read)
Every business thrives on income, and keeping track of that income is crucial! Revenue accounts act like a financial victory lap, recording all the money …
accruals
Accruals Simplified: Making Sense of Financial Timing
Accruals are a fundamental concept in financial reporting, aiming to accurately reflect a company’s financial position and performance by recording transactions when they occur, regardless …
The Hidden Ledger: Accrued Liabilities in Plain Language
Accrued liabilities refer to expenses that a company has incurred but has not yet paid as of the end of an accounting period. These liabilities …
In the Fast Lane: Short-Term Loans and Their Advantages
Short-term loans are financial instruments with a relatively brief repayment period, typically ranging from a few weeks to a few years. These loans provide quick …
What are prepaid expenses and outstanding expenses?
Prepaid expenses and outstanding expenses are both types of expenses that a company may encounter, but they represent different stages in the accounting process and …