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Tag Archives: Balance Sheet

Accounting Cycle: Complete basic accounting in 8 steps

Accounting Cycle

The Accounting Cycle is a topic that varies according to the level of accounting that you are studying or doing for a business. If you research Accounting Cycle, you would be bombarded with versions that might make your head spin. This article focusses on basic accounting for small business owners …

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Balance Sheet: 10 key parts of the statement of financial position

Balance Sheet

The Balance Sheet is the next step in the Accounting Cycle after the Income Statement is completed. It is one of 3 financial statements that is prepared by an accountant. The other 2 are Income Statement and Cash Flow Statement. It reports the assets, liabilities, and capital of a business. The …

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Trial Balance: 6 important things to know

Trial Balance

The Trial Balance is the 4th step in the Accounting Cycle. It is the nail-biting moment for students of accounting. It tells you a lot about your performance thus far, and can leave you feeling frustrated or relieved when you’re done. Writing up a Trial Balance is very simple. It …

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