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What are the three main financial statements?
A chart of accounts is a list of all the financial accounts used in a company’s general ledger. It is a systematic way to organize and categorize all financial transactions.
What's the accounting equation?
Accrual basis accounting records revenues when they are earned and expenses when they are incurred, regardless of when cash is exchanged.
What is accrual basis accounting?
Accounting consulting may include a wide variety of engagements that your clients improve their financial position, the enhance their internal processes and procedures their accounting protocols.
What does "working capital" mean?
Working capital is a measure of a company’s short-term financial health. It’s calculated as Current Assets – Current Liabilities. A positive working capital means a company can pay its short-term.
What is the time value of money?
The time value of money (TVM) is a core financial concept that states a sum of money is worth more now than the same amount will be in the future. This is due to its potential earning capacity.
What is a "liquidity ratio"?
A liquidity ratio is a financial metric used to determine a company’s ability to pay its short-term obligations. These ratios, such as the current ratio or quick ratio, measure how easily a company.
What is a "pro forma financial statement"?
Accounting consulting may include a wide variety of engagements that your clients improve their financial position, the enhance their internal processes and procedures their accounting protocols.
Difference between revenue and income?
Revenue is the total money generated from a company’s primary business activities, such as sales of goods or services. Income (or net income/profit) is the company’s total earnings.
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What is the difference between a stock and a bond?
A stock represents ownership in a company. When you buy a share of stock, you become a part-owner (shareholder) and may receive a portion of the company’s profits in the form of dividends. A bond is a loan made by an investor to a borrower (usually a company or government). When you buy a bond, you are a creditor who gets repaid the principal plus interest over a specific period.
What is the importance of a credit score?
A credit score is a number that represents a person’s creditworthiness. Lenders use it to predict how likely someone is to repay a loan. A higher credit score makes it easier to get approved for loans, credit cards, or mortgages and often results in lower interest rates. A low credit score can make it difficult to borrow money or lead to higher interest rates.
What is the difference between a journal and a ledger?
A journal is the first place where a business records its financial transactions in chronological order. Think of it as a diary of all business activities. A ledger is a collection of accounts (like Cash, Sales, or Rent Expense) where transactions from the journal are posted and categorized. The ledger provides the final balances for all accounts used to prepare financial statements.
What is the difference between Payable and Receivable?
Accounts Payable (AP) represents the money a company owes to its suppliers for goods or services purchased on credit. It’s a liability on the balance sheet. Accounts Receivable (AR) is the money a company is owed by its customers for goods or services sold on credit. It’s an asset on the balance sheet.
