What are loans payable?
On the one hand, loans payable represent funds raised for business activities, and, as a rule, without paying interest. This is the positive side of loans payable....
Cash basis accounting in bookkeeping
This principle is clear and convenient for small organizations or individual entrepreneurs, as well as if the organization works by providing deferred payment to customers. However, who has the right to apply the specified accounting system, and in w...
Double entry bookkeeping system
People often ask, “Who invented double entry bookkeeping?”. Accounting started in the Italian Renaissance. The creation of the double entry bookkeeping served to improve further private capital, which provided well-being for the life and creati...