What is prepaid rent?
All types of rents, including prepaid rent, follow a principle of the regularity of payments. The following set of parameters characterizes prepaid rent:...
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?
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...