Accounting | Business Tips Philippines

What is a Statement Comprehensive Income?

September 12, 2011 Vic Leave a Comment

What is a statement of comprehensive income? The statement of comprehensive income is one of the components of a complete set of financial statements, along with the statement of financial position (balance sheet), statement of cash flows, statement of changes in equity, and … [Read more...]

What is a Balance Sheet or Statement of Financial Position?

September 11, 2011 Vic Leave a Comment

What is a balance sheet or a statement of financial position? Among the five components of a complete set of financial statements (i.e., balance sheet, statement of comprehensive income (income statement), statement of cash flow, statement of changes in equity and notes to … [Read more...]

What are Financial Statements of a Business?

September 10, 2011 Vic 1 Comment

If you’re a business owner and you’re filing your annual income tax, you might be required to attach a financial statement to your income tax return. Likewise, if you are applying for a business loan in your local bank, you will also be required to submit your financial … [Read more...]

How to Make Accounting Journal Entries

June 16, 2011 Vic 14 Comments

After identifying and measuring your business transactions, you will now move to the recording process of accounting. The first phase of recording is making the journal entries (journalizing) that should be recorded in the general journal or special journals, such as sales … [Read more...]

What is the Accounting Equation and How Does It Work

June 11, 2011 Vic Leave a Comment

What is an accounting equation? This is the relationship expressed between the three basic accounting elements in the balance sheet or statement of financial position i.e., assets, liabilities and equity. All accounting or financial information is recorded within the framework of … [Read more...]