accounting

Adjusting entries are made at the end of a period to update accounts. An adjusting entry affects the income statement and balance sheet accounts.

A merchandising company sells merchandise inventory to customers. Accounting for companies that sell inventory is more complex than for service companies.

Debits and credits in accounting are used to record every business transaction. This guide explains debit and credit rules using the acronym “DEALER.”

The first step in financial reporting is recording business transactions. The business transactions are first recorded as journal entries. The goal of financial accounting is to issue financial statements.

Studying accounting can be intimidating. Accounting is the first business course for many college students. It is a difficult and challenging subject. Here are the top 10 tips to make an A in accounting.