Main Types of Income Statement

Since making a profit is a goal of most organizations, the most important function of the accounting system is to provide information on the profitability of its activities. Funds received from profitable work may remain at the enterprise in order to... Read more

Formats of an income statement

There are many types of income statement. Some of them are used often, and others are used quite rarely. The most experienced accountants are acquainted well with the following types:Classified income statement;Comparative income statement;Condensed... Read more

What is the income statement?

The income statement analysis reveals the structure of the company's revenues and expenses, which allows them to be controlled in terms of items, types (areas) of an activity, product groups, and managers. Thus, the income statement definition is ver... Read more

What is a ledger account?

Ledger account is a way of the current interconnected reflection and grouping of property on structure and placement, on sources of its formation, and also economic operations on qualitatively homogeneous signs expressed in natural, monetary, and lab... Read more

When are tax returns due

Some people don’t know, “When are tax returns due?”. Taxpayers declare in the established form about the received income, taking into account privileges and discounts during the specific accounting period. Taxes, according to the established rate, ar... Read more

What is a Journal Entry?

What is a journal entry? This is an entry that shows all the results of a business transaction, taking into account its reflection on the debit and credit, and explains this operation. Accounting posting is the registration of business transactions t... Read more

The notion of Payroll

Every accountant must know, “What is payroll?”. When the company pays any wages (wages, bonuses, advances) to employees, the payroll is issued. You can make payments and cash receipts and expense orders, but they are valid only for one working day, w... Read more