The Income Summary balance is ultimately closed to the capital account. Notice that the balance of the Income Summary account…

Both US GAAP and International Financial Reporting Standards (IFRS) account for long-term assets (tangible and intangible) by recording the asset…

Authorized shares are defined as the maximum number of shares that a company is legally allowed to issue to investors,…

Also, by integrating your bank accounts with your accounting system, you can complete banking transactions on your software without logging…

These examples illustrate how contra accounts are used in various contexts to provide a more accurate picture of a company’s…

Creating an adjusted trial balance involves several steps, which we’ll outline below. Following these steps will help ensure that your…

Recall that each partner is jointly and severally liable for all the debts of the partnership, meaning each partner is…

If possible, start implementing changes before you file your nonprofit’s annual tax return so your efforts will be reflected on…