What Is A Trial Balance And What Is It Used For

Image by/from RaphaelQS A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance […]

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Time-tracking Software, Uses And Benefits

Time-tracking software is a category of computer software that allows its employees to record time spent on tasks or projects. The software is used in many industries, including those who employee freelancers and hourly workers. It is also used by professionals who bill their customers by the hour. These include lawyers, freelancers and accountants. The […]

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Triple bottom line

Image by/from WikiMedia Commons The triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial. Some organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value. Business writer John Elkington claims to have […]

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Net income: Meaning Of Net Income In Accounting And Business

In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is a measure of the profitability of a venture. It is an entity’s income minus cost of goods sold, expenses (e.g., SG&A), depreciation and amortization, interest, and taxes for an accounting period. It is […]

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What Is An Invoice Used For?

An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice. These may specify that the buyer has a […]

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