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A GST Number (Goods and Services Tax Number) is a unique identifier assigned to businesses or individuals registered under the Goods and Services Tax (GST) system in countries like India, Canada, and Australia. It's used for tax collection and tracking, allowing businesses to collect and remit...

Gross wages refer to the total amount of money an employee earns before any deductions like taxes, benefits, or retirement contributions. It includes hourly wages, salary, overtime, bonuses, and commissions. In simple terms, it’s the full amount paid to an employee before anything is taken out.

Business days refer to the standard days of the week when businesses operate, typically Monday through Friday, excluding public holidays and weekends (Saturday and Sunday). These days are when transactions, communication, and activities like shipping or banking usually occur.

Starting your own business involves several key steps: Identify a Business Idea: Choose something you’re passionate about or skilled in. Create a Business Plan: Outline your goals, target market, and strategies. Register Your Business: Choose a name, get necessary licenses, and register...

Accountants commonly use software like QuickBooks, Xero, Sage, and FreshBooks for bookkeeping and financial management. For more complex tasks, they may use tools like Microsoft Excel, NetSuite, or Zoho Books. Some also rely on tax preparation software like TurboTax or TaxSlayer for filing and...

Yes, you can trade options on a funded account, but there are conditions: The account must be approved for options trading by your broker. You’ll need to complete an options application, disclosing experience, income, and risk tolerance. Brokers assign trading levels—higher-risk strategies...

In accounting, "on account" means a transaction is made on credit rather than with immediate payment. It can apply to: Purchases on account – goods or services bought now, paid later (creates accounts payable). Sales on account – goods sold now, customer pays later (creates accounts...

A trial balance in accounting is a report that lists all the debit and credit balances of a company’s general ledger accounts at a specific point in time. Its main purpose is to: Ensure debits equal credits, confirming the books are balanced Detect errors in recording transactions Serve as a...

In the EverFi financial literacy course, the benefit of a checking account is that it helps you manage your money safely and efficiently. Key benefits include: Easy access to funds through debit cards, checks, and online banking Safe place to store money instead of carrying cash Helps track...

A Business Registration Number (BRN) is a unique identifier assigned to a business by the government when it registers. It helps track the company for tax and legal purposes. The number is required for activities like filing taxes, opening bank accounts, and applying for permits or licenses.

Semi-monthly means receiving pay twice a month, usually on set dates like the 1st and 15th, resulting in 24 pay periods per year. Bi-weekly means getting paid every two weeks, which totals 26 pay periods per year. The pay dates can vary but always occur every two weeks.

Marginal Cost=Change in Quantity/Change in Total Cost

To void a check, write “VOID” across the front in large letters using a permanent ink pen. Ensure it’s clearly visible and doesn’t obscure any critical information. Avoid using it for payments and keep the voided check for your records. Additionally, update your check register accordingly.

Here are some of the best free bookkeeping software options available in the USA: Wave Accounting – Cloud-based software with invoicing, expense tracking, and receipt scanning. Great for freelancers and small businesses. Zoho Books (Free Plan) – Offers invoicing, bank reconciliation, and...

SAP Software is an enterprise resource planning (ERP) software that is constructed by SAP SE. It brings about the unification of other main processes of business such as finance, sales, production, and human resources under the same system. By real-time processing of data and centralized...