A journalized transaction is one that includes the date, the account you’re debiting or crediting from, and a brief explanation of the transaction that took place. Journalizing transactions is the process of maintaining a record of all your business transactions…
The lifeblood of a business’s cash flow is its accounts receivable. So if you manage it well then it aids in managing cash flow by letting you know which clients owe you money and how much. In other words, accounts…
So I had my first experience of the scope of auditing, when I first started my business. Before that compliance and book keeping was very simple at the individual level. And if you see at a very bird eye’s level,…
Financial management plays a crucial role in ensuring the long-term success of any organization. It involves making strategic decisions to optimize financial resources and achieve specific goals. In this article, we will explore two key long-run objectives of financial management:…
So, let me straight forward give you an example; if you take an education loan for an MBA, the bank gives you one year post your MBA program. Which basically means you’ve got one year to find your job and…
Value engineering meaning is a systematic method used to improve the value of a product or service by reducing its cost and increasing its functionality. It is a way to increase the overall value of a product or service while…
A legal monopoly refers to a situation where a company or entity has been granted exclusive rights by the government to produce and sell a particular product or service within a specific market. In other words, a legal monopoly is…
In the realm of business and finance, the concept of liability plays a crucial role in determining the level of risk and responsibility for business owners. Two common forms of liability are unlimited liability and limited liability. Understanding the differences…
What is a Financial System? Financial System is a network of many financial institutions – such as insurance companies, stock exchanges, and investment banks. They work together to exchange and transfer capital from one place to another. Financial systems operate…
What is Public finance meaning Public finance meaning is the management of a country’s revenue, expenditures, and debt load through various government and quasi-government institutions. In simple terms, it is the study of the role of the government in the…
Imagine lending money to a friend. Before you do, you’d want to know if they have enough cash or quick assets to pay you back tomorrow. The same logic applies to companies. Creditors, investors, and analysts want to know whether a company…
Credit sales refer to a sale in which the amount owed for received goods or services will be paid at a later date. What are Credit Sales? Credit sales refer to a sale in which the amount owed for received…
