Tag Archives for " liabilities "

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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The Statement of Cash Flow

It could be argued that the statement of cash flow is the most important of all the financial statements. It is also the least understood. Understanding the purpose of the statement of cash flow is the

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The Trial Balance

The trial balance is a list of all the accounts a company uses with the balances in debit and credit columns. There are three types of trial balances: the unadjusted trial balance, the adjusted trial balance

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Journal Entry Basics

Journal entries are probably the most important part of any financial accounting class. They are the language of accounting. This is a journal entry. It describes a transaction. The entry above tells

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Adjusting Journal Entries

What are adjusting journal entries? The matching principle states expenses must be matched with the revenue generated during the period. The purpose of adjusting entries is to ensure that all revenue and

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