Category Archives for Financial Accounting

Sales Tax and Sales Tax Payable

What is sales tax? Sales tax is a tax on the price of a good or service. This tax is a percentage of the price and is added by the final seller. There are only five states in the United States that do

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Introduction to current liabilities

What is a liability? A liability is an obligation that the company has to another party. Typically when we think of liabilities, we think of accounts payable or notes payable, but there are many other

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Cash: Bank Reconciliations

For many students, bank reconciliations are a difficult topic because most people don’t do them anymore. Twenty years ago, before debit cards and online banking, there was only one way to keep track

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What is Accounting?

If you are currently enrolled in an accounting course (which I sure hope you are because most people don’t browse my site for fun) you’ve probably heard some pretty terrible things about accounting.

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Simple Interest Calculations

Most interest calculations that you will encounter are simple interest calculations. In a simple interest calculation, interest is calculated for a defined period of time based on the outstanding balance.

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