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A business plan according to Wikipedia is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame that these goals need to be achieved. It also describes the nature of the business, includes background information on the organization, the organization’s […]
Accrual Method There are two main methods of accounting (or bookkeeping): Accrual method Cash method The accrual method of accounting is the preferred method because it provides: a more complete reporting of the company’s assets, liabilities, and stockholders’ equity at the end of an accounting period, and a more realistic reporting […]
The term bookkeeping means different things to different people: Some people think that bookkeeping is the same as accounting. They assume that keeping a company’s books and preparing its financial statements and tax reports are all part of bookkeeping. Accountants do not share their view. Others see bookkeeping as limited to recording transactions in […]
What is Financial Statement? The word consolidated financial statement is common in accounting, business, and finance world industry but not on the layman or common person. So, what is consolidated financial statement? But before we will answer that question let us understand first what is financial statements? We […]