accounting outsourcing
What is a balance sheet and why is it prepared?
What is a balance sheet, and why is it prepared? The balance sheet is prepared to report an organization's financial position at the end of an accounting period. A corporation's balance sheet says its: Assets (resources that were acquired in past ...
How the Income Statement Amounts are Calculated
What is income statement? The income statement is also known as the statement of operations, profit and loss statement, and statement of earnings. It is one of a company's main financial statements. The purpose of the income statement is to report a ...
What is bank reconciliation & how is it made?
What is bank reconciliation? A bank reconciliation is a process performed by a company to ensure that its records (check register, general ledger account, balance sheet, etc.) are correct. This is done by comparing the company's recorded amounts with ...
Difference between a Book-Keeper & an Accountant
What is Bookkeeping? Bookkeeping includes the recording, storing and retrieving of financial transactions for a business, nonprofit organization, individual, etc. Example: Typical financial transactions and tasks that are involved in bookkeeping ...