Since drawings are used by the businessman for personal purposes it is a personal account. Is drawing asset or liability? Drawing is neither an asset or l...

Mississippi has been so well-known for having great hospitality, they decided to give the state a nickname based on this! The Mississippi Coat of Arms is ...

An entrepreneur is someone who manages a business. An entrepreneur is someone who creates a business and potentially makes money and runs the business. An...

Here are some of the Bay Colony’s most famous movers and shakers, some of whom did a little too much shaking and were compelled to move. John Winthrop. Wi...

How to calculate your break-even point When determining a break-even point based on sales dollars: Divide the fixed costs by the contribution margin. Brea...

Financial statements are important to investors because they can provide enormous information about a company’s revenue, expenses, profitability, debt loa...

Cash is an asset account. Revenue increases stockholders’ equity. This increases the left side and right side of the accounting equation by the same amoun...

In integrated audits, auditors often rely on controls to reduce their substantive testing of financial statement accounts and disclosures. Thus, deficienc...

The calculation for the return on operating assets is to divide net income by the gross recorded amount of all assets used to generate revenue. Two issues...

liquidity Current assets are usually listed in the order of their liquidity and frequently consist of cash, temporary investments, accounts receivable, in...