Closing Entries

Closing entries are the journal entries which are made at the end of an accounting year to transfer the balance from temporary accounts to permanent accounts. In other words, …

Journal Entry

Journal entries are the first step in the accounting cycle. They are used to record all business transactions and events in the accounting records of a business. A journal …

Horizontal Analysis

Horizontal Analysis calculates the amount and percentage changes in financial figures from one period to another period of time. In other words, it compares financial data for at least …

T Accounts

‘For every action, there is an equal and opposite reaction.’ A couple of hundred years ago, Sir Newton gave this phrase to the world. He gave this statement while …

Accountant

An accountant is a professional who performs several accounting functions for a business or an individual. Common functions include audits, financial statement analysis, preparation and submission of tax documents …

Expense Report

For any business which has employees, the expense report is an important part of its accounting process. It saves the business time and efforts. It makes it easier for …

Tax Due Diligence

Tax is one of the most important components that determine the overall profitability of a company. It is so important that it has its own place in the company’s …