Recent content by Gaurav

Minimum wage is the lowest amount of money that employers are legally required to pay their employees for the work they perform. It's a wage floor, ensuring workers receive a basic level of compensation. The purpose is to protect workers from excessively low pay and potentially alleviate poverty.

Contra revenue accounts are used to reduce a company's gross revenue, providing a more accurate representation of net revenue on the income statement. These accounts track deductions from revenue, such as sales returns, discounts, and allowances, which are recorded as debits, unlike the typical...

To become a bookkeeper, you typically need a high school diploma or GED, relevant coursework or training, and potentially an associate's or bachelor's degree in accounting or a related field. On-the-job experience is also valuable, and some bookkeepers pursue professional certifications.

A company's internal policies and processes implemented to adhere to laws, rules, and regulations or to protect the company's reputation are known as a compliance program. A compliance team studies government regulations, develops a compliance program, executes it across the organization, and...

CFO stands for Chief Financial Officer. It's a senior executive position in a company responsible for managing the company's financial operations.