Accounting

5 Types of Accounts in Accounting (Assets, Liabilities, Equity, And More)

The formation of a financial statement is initiated by recording a double entry in the accounting system. When the business carries out some activity, an accounting record must be updated. An activity may be referred to as the occurrence of some business-related event that needs to be recorded as a transaction in the accounting record. …

5 Types of Accounts in Accounting (Assets, Liabilities, Equity, And More) Read More »

What is the Accounting Equation? Formula, Explanation, and Example

The accounting equation is the most fundamental equation of accounts. It is one of those equations from which a multitude of other equations is derived. It is the most fundamental equation upon which multitudes of other equations are based upon. It forms the primary principle of accounting, and it helps in maintaining the balance sheet …

What is the Accounting Equation? Formula, Explanation, and Example Read More »

Accounting for Credit Card: Entry for Purchasing, Selling, and More

Introduction Recording credit card details into accounts is a very complex task. Laws and regulations require that details of each transaction of every credit card must be recorded in detail. They are recording a single credit card single statement into the credit issuer’s account, such as Amex or Bank of America. While the credit card …

Accounting for Credit Card: Entry for Purchasing, Selling, and More Read More »

How Does the ERP help Accountants? Disadvantages and Top 10 ERP Include

ERP stands for “Enterprise Resource Planning System.” It is a management software businesses use to manage and integrate their main operations onto a single platform. The enterprise resource planning system allows a firm to integrate its financials, supply chains, operations, and Human resources activities onto a single platform. It also collects a swath of data …

How Does the ERP help Accountants? Disadvantages and Top 10 ERP Include Read More »

What Are the Rules of Debits and Credits in Accounting? (Definition, Example, and Explanaton)

Introduction Debit and credit are the opposite sides of the same coin in accounting terms. When an entry is done, at one side it is entered as debit, while on the other side of the accounts book, it is entered as a credit. This is known as the double-entry bookkeeping method. It is the standard …

What Are the Rules of Debits and Credits in Accounting? (Definition, Example, and Explanaton) Read More »

Where can I get CPE credits for CPA? (Top 5 Places to Earn CPE Credit)

Introduction CPE I abbreviated as continued professional education. For accounting professionals, even after they earn their degrees such as CPA (Certified public accountant or CMA (Certified Management accountant), to continue their education and keep on earning new and official certifications. All professionals such as lawyers or doctors, and even accountants require that they continue their …

Where can I get CPE credits for CPA? (Top 5 Places to Earn CPE Credit) Read More »