Business Accounting

Accounting Statements

November 24, 2009

Accounting information is recorded with one main objective and this is to be able to prepare reliable and complete financial statements.
Now others will be able to see for themselves how an organization is in fact operating. For instance, they’ll be able to see at a glance what their income and expenses are like.
The statements are [...]

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Useful Accounting Terms

November 24, 2009

I found this pretty cool video covering definitions for a few important accounting words that everyone should be familiar with. In fact, this might be very basic for some, but it is a good video to revisit accounting basics.
Additionally, the video shows some good examples and shares practice exercises at the end with the viewers. [...]

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Accounting Defined

November 24, 2009

Learning accounting or becoming familiar with it, is rather important in order for you to understand effectively the financial operations of any company. That is why Accounting is referred by many as “the language of business.”
The information provided by accountants can be broken down by three main categories (Operating Information, Financial Accounting Information, and Managerial [...]

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Partnerships Defined and Their Governing Laws

November 24, 2009

If you are interested in a partnership venture of any type, you might be considering a General Partnership, Joint Venture, Limited Partnership, or a Limited Liability Partnership.
A General Partnership takes place when two or more persons join forces to carry on as co-owners a business for profit.
Each state adopts its own model act to govern [...]

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Unlimited Liability for Partners & Pass-Through Taxation

November 24, 2009

In my previous post I discussed that the two main characteristics of a General Partnership are unlimited liability and pass-through taxation. But what I didn’t do was explain what they are in detail. I figured, the subject could be painful enough for some to make the post too wordy for you all.
Unlimited liability for partners [...]

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