General Ledger Definition, Importance, Account Types
The bank statement style lends itself to modern accounting, but for the time being, double entry will be explained by the older traditional method. Due to all of these features,…
Accounting Equation Assets = Liabilities + Equity
That is, each entry made on the debit side has a corresponding entry (or coverage) on the credit side. An accounting transaction is a business activity or event that causes…
Break-Even Point: Formula and Analysis
As you can imagine, the concept of the break-even point applies to every business endeavor—manufacturing, retail, and service. Because of its universal applicability, it is a critical concept to managers,…