What is a statement of changes in equity and what is its purpose? A statement of changes in equity is a separate component of financial statements. It presents an entity’s total comprehensive income for the period (profit or loss plus other comprehensive income for the period), … [Read more...]
How to Make Accounting Journal Entries
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...]