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Liability on a balance sheet is the reverse of an asset. Liabilities are basically what a company owes, whereas assets are what it owns...

As a photographer to start a business, select a niche of focus, prepare a business plan, and establish your business. Buy good...

Employee Benefit Trust (EBT) is a trust established by an employer to award their employees with material benefits, i.e., bonuses...

Yes, debt certificates are financial instruments representing a loan made by an investor to an entity such as a corporation or...

Ledger balance is the balance of a bank account at the end of a business day. It includes all deposits and withdrawals posted before the...

Retro pay or retroactive pay is a compensation an employee receives on work done on a past payment period which was not actually...

Without sales tax, consumers would be able to pay less on goods and services and would hopefully spend their money to produce more...

A fractional CFO is a part-time, outsourced financial expert who provides strategic financial leadership and guidance to businesses...

Accounts payable (AP) is an amount of money the business owes its suppliers or vendors in terms of goods and services that are received...

Paying GST (Goods and Services Tax) ensures compliance with tax laws, avoids penalties, and supports national development by funding...

A bookkeeper is a professional who records and organizes a business’s financial transactions, such as sales, purchases, receipts, and...

Top accounting software options include QuickBooks, Xero, FreshBooks, Zoho Books, and Wave. They offer features like invoicing, expense...

Retained earnings are the amount of money that a company retains or brings into the business as opposed to paying out as dividends. They...

The accounting equation is: Assets = Liabilities + Owner’s Equity It shows that a company's resources (assets) are financed by debts...

A T-account is a visual tool used in accounting to represent individual ledger accounts. It looks like the letter "T", with the account...