The accounting cycle comprises of eight collaborative steps. They are:Identifying and analyzing the transactions Recoding these transactions into the general journal Posting to the General Ledger Preparing a trial balance Making adjusting entries Preparing an Adjusted Trial Balance Preparing financial statements Closing accounts

Blockchain accounting is a decentralized digital ledger technology that securely records and verifies transactions across multiple computers.

When a sole proprietor or the business owner withdraws assets such as goods or cash from business for his personal use, accounting termed it as owner’s drawing.

Statement of Retained Earning is a financial statement that shows the changes in a company's retained earnings over a specific period of time.

Variable cost varies with the level of output while fixed cost remains fixed at any level of production output.

ASC 230 and IAS 7 are provided guidelines for the preparation of cash flow statement prescribed by US GAAP and IFRS, respectively.

Reversing entries in accounting records at the beginning of an accounting period to cancel out or reverse the effects of adjusting entries of preceding accounting period.

At the point where total revenues and total cost becomes equal, this phenomenon is known as Break-even analysis.

Ratio Analysis is broadly categorized into four main types; Liquidity Ratios, Activity Ratios, Profitability Ratios, & Leverage Ratios.

A business transaction (selling or buying a thing) that does not involve cash is called non-cash transaction.

Prepare Balance Sheet in 8 Easy Steps The most crucial thing is to balance it when we are talking about how to …

You know you can prepare your income statement in just a click. In AD’s income statement template, you just have to put your figures and you will get your income statement in a minute.

The current ratio of a company identifies the ability of a company to pay its short-term financial obligations.

Preparing an income statement requires 8 steps: Calculate Net Sales, Calculate COGS, Calculate Gross Profit, Calculate Operating Expenses, Calculate Operating Income, Calculate EBIT, Calculate EBT and Calculate Net Income.

There are many international universities offering online accounting degrees. Such as University of Canada West, International University of Applied Sciences, and SOAS University of London.