‘Bookkeeping’ Category
9 7 Accounting for government grants
December 22, 2021 at 2:10 pm
The grant is then recognized as income in the statement of activities when the related expenses are incurred. Proper https://www.bookstime.com/articles/what-are-t-accounts does not just ensure compliance with grant requirements but also plays a key role in maintaining a healthy and transparent financial ecosystem... (more)
General Rules for Debits and Credits Financial Accounting
March 10, 2023 at 8:36 pm
Let’s imagine the owner of this ice cream shop invested $10,000 upfront upon opening the business. The reasoning behind this rule is that revenues increase retained earnings, and increases in retained earnings are recorded on the right side. Expenses decrease retained earnings,... (more)