Author: Obotu Agape Oguche

In running a business, bad debt is an unfortunate reality that one may have to deal with. This is the

Adjusting entries are the changes made to the journal entries that were already made at the end of an accounting

When running a business, tracking the amount of revenue coming in and whether it is sufficient enough to pay for

How does bonus depreciation work? For taxpayers looking for how to minimize short-term tax liabilities, electing to take bonus depreciation

The prepaid insurance journal entry follows the same accounting principle for all prepaid expenses. Sometimes, in business, some expenses are

When are adjusting entries recorded? Adjusting entries are recorded when using the accrual accounting method which is based on the

What are adjusting entries? For every business, there is a time frame (usually a fiscal year) in which a business

In accounting, there are different types of adjusting entries that reflect unrecorded business transactions that have taken place but have

An accrued expenses journal entry is made in the books when recording the expenses incurred over one accounting period that

Is accrued expenses debit or credit? Accrued expenses, which is also called accrued liabilities, is an account that reports an

Why are adjusting entries necessary? Adjusting entries are made in a company’s accounting records to account for missing information, correct

What type of account is rent expense? Rent expense is the cost that a business incurs to use a property

What is the difference between GAAP vs IFRS balance sheets? GAAP and IFRS are the two main sets of accounting

A company’s revenue is the financial measure of the goods and services that it has provided to its customers during

An asset turnover ratio is a ratio that compares the total amount of a company’s net sales in dollar amount

What is the difference between the IFRS vs GAAP income statements? The IFRS and US GAAP are the two common