For example, the accounts receivable account will usually have a positive balance. We will apply these rules and practice some more when we get to the actual recording process in later lessons. This graphic representation of a general ledger account is known as a T-account. Time Period Assumption For example, Lynn Sanders owns a small printing […]

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. You will credit “Administration — Office Supplies Expense” and debit “Administration — Minor Tools & Equipment Expense”. The ELPAC helps teachers make sure that all students are able to access […]

Depreciation is a process by which organizations account for the deterioration of a fixed asset’s value over time. Amortization refers to the spreading of the costs of long-term intangible assets over their useful lives. Both of these methods are used to match the expense with the revenue generated from using the asset. It is important […]

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CPAs and accountants tend to focus on particular niches or specialties, such as small-business owners, high-net-worth individuals, or clients who work in certain industries. As a result, Henn recommends asking people who have similar needs. “For example, if you’re a doctor, talk to other doctors and ask who they use,” he said. If someone holds […]