accounting 101 – Financial Memos

Bank Reconciliation Statements – Accounting 101

The verification process in double-entry bookkeeping is critical to ensuring data accuracy; bank statement statements and their reconciliation to bank records form an essential part of this...

Accounting for Liabilities – Accounting 101

Liabilities are financial arrangements (normally called debt or loans) that create an obligation on a business to expend economic benefits to a third party. The accounting for liabilities is through...

Accounting for Drawings – #1 Comprehensive Guide

The ability for owners to draw on capital built up in a business is important for capital growth. We provide a full example with journal entries and explanations.

Accounting For Revenue – Accounting 101

Revenue is the inflow of economic benefits as a result of past events. Accounting for revenue is critical in financial reporting. Our article works through the journal entries and accounting equation...

Accounting for Expenses – Journal Entries

DefinitionExpenses, or operating expenditure, are payments or outflows of economic benefits from a business to pay for the day-to-day running costs incurred as a result of transactions that have...

Non-Current Assets – How to Account for Them

In accounting non-current assets are tangible or intangible assets a firm will use normally over a period of greater than 12 months. This article looks into how they should be accounted for.