Accounting Blog

What is prepaid rent?
The notion of unearned revenue

The notion of unearned revenue

Most unearned sources of revenue are not taxed on wages, and all sources of unearned revenue are not taxed on employment, such as Social security and Medicare. It is, therefore, essential that those producing unearned revenue understand where that re...
What is a Balance Sheet?

What is a Balance Sheet?

Balance sheet, compiled on a specific date, allows you to assess the current financial condition of the organization, and the comparison of the balance sheets compiled on different dates — to track the change in its financial condition over time. The...
The Peculiarities of a Single Entry System and a Double Entry System
The types of bookkeeping accounts

The types of bookkeeping accounts

The account "Sales" is intended for a generalization of information on the income and expenses connected with regular activity of the organization (with a process of sale of finished goods, the performed work, and the rendered services), and also for...