If you own a business or providing professional services, you need to know if you are making profit or incurring loss. You need to take a look if your business is generating more revenues than your total expenses. This financial information is found on the income statement. The … [Read more...]
How to Prepare a Balance Sheet (Statement of Financial Position)
The balance sheet or the statement of financial position is one of the major components of financial statements, which include the income statement, statement of cash flow, statement of changes in equity and the notes to financial statements. The balance sheet gives readers of … [Read more...]
How to Prepare an Adjusted Trial Balance
The trial balance is an internal report, listing all the account titles and their balances from the general ledger. It is prepared at the end of accounting period to check errors in the accounting cycles, which include identifying transactions, analyzing them, recording journal … [Read more...]
Who are the Richest People in the World in 2012?
In its 25th Anniversary of tracking and compiling the list of billionaires on our planet since 1987, Forbes has once again published this year’s authoritative list of the richest people in the world. This year’s list was an all time high with 1,226 billionaires counted in for a … [Read more...]
Who are the Richest People in the Philippines in 2012?
Forbes Magazine has just published its newest list of billionaires on the planet. The list, which is published on March 7, 2012 included an all time high 1,226 billionaires worth a record of $4.6 trillion. Mexican billionaire Carlos Slim Helu, once again named as the richest … [Read more...]
Examples of Adjusting Journal Entries in Accounting
In our previous post titled how to make adjusting journal entries (AJE), we have discussed the common types of adjusting entries, namely, accrued revenues, accrued expenses, unearned revenues, prepaid expenses, depreciation (estimation), change in accounting estimate, and prior … [Read more...]
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