Closing Entry

What is Closing Entry? Closing entries are used to classify and summarize all revenue and expense accounts. Each expense and revenue account is completely cleared, with a zero balance, at the end of the accounting cycle. These accounts are temporary holding accounts...

Cash Basis vs Accrual Basis Accounting

What is the difference between cash basis accounting and accrual accounting? Cash basis accounting is a method of recognizing revenue and expenses when cash is received or disbursed rather than when earned or incurred. Businesses may use either cash basis which is...

Accounting Cycle

Accounting cycle is a procedure in which accounting event is recorded from the time the transaction starts to its reflection in the financial statements, which is also known as bookkeeping cycle. The order of the steps in the accounting cycle are: recording in the...

Basic Accounting

Accounting is an area with its vocabulary or terminology that is constantly changing. In class or at at business meeting, you are likely to hear an accounting term, definition that is unfamiliar to you. You have to understand the definition or basic accounting in...

What is Accounting Principles?

Accounting principles are guidelines or rules used to follow in preparation of financial statements, which for US, is Generally Accepted Accounting Principles (GAAP). Many of these principles have been formally established by standard-setting bodies such as the...

Accounting Services for Startups Singapore

Accounting services for startups in Singapore is recommended at the beginning when business started. Keeping accurate accounting records of costs, sales at the start of business helps with regulatory compliance and tax reporting. Startups after company incorporation...
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