Source Documents in Accounting
What are source documents?Source documents are the first source of information from which the accounting books are prepared. A source...
Read moreNotes Receivables (Incoming Payment Papers)
What is Notes Receivable?Notes Receivable is a written promise that gives the entitlement to the lender or holder of notes...
Read moreProfit Center vs. Cost Center
What Is a Profit Center? A profit center is a branch or division of a company that directly adds or...
Read moreCustomers Account (Accounts Receivable – AR)
What Are Accounts Receivable (AR)?Accounts receivable (AR) is the balance of money due to a firm for goods or services...
Read moreFinancial Statements
Financial accounting generates the following general-purpose, external, financial statements:Income statement (sometimes referred to as “results of operations” or “earnings statement”...
Read moreChart Of Accounts
Chart Of Accounts A chart of accounts is a listing of the names of the accounts that a company has...
Read moreIncome Statement
Introduction to Income StatementThe income statement is one of the major financial statements used by accountants and business owners. (The...
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