accountant Archives - TeachUcomp, Inc.

Small Business Accounting- Accounting Basics and Methods

Wednesday, July 24 2013 by Keeley Byrnes

Understanding accounting is a very useful skill to have when it comes to managing a small business. The better a manager understands financial data, the easier it is for them to make a decision. In this post, we will discuss some basic accounting terms as well as accounting methods that are relevant to small businesses.

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Managerial Accounting- What is a Balance Sheet?

Tuesday, July 02 2013 by Keeley Byrnes

In accounting, it’s important to understand the different types of financial statements in order to be able to use them properly. The first important financial statement is the balance sheet. A balance sheet is an accounting tool that shows a company’s financial position at a certain point in time. In this post, we will discuss some

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Small Business Accounting- Debits and Credits

Thursday, June 20 2013 by Keeley Byrnes

In accounting, T-accounts are used to track economic activity within the business. A T-account is an individual record of an increase/decrease in an asset, liability, stockholder’s equity, revenue, or expense. Each T-account consists of three parts: the title of the account, a debit, and a credit. A debit is the left side of the account.

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Published in Latest, Small Business Accounting

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Managerial Accounting- Budgeting Basics

Tuesday, June 18 2013 by Keeley Byrnes

A large part of a manager’s job is planning. Budgets are the main tool managers use for planning and for having financial control in a business. A budget is defined as a formal written statement of a manager’s plans for a time period in financial terms. In this post, we will give some tips and

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Published in Latest, Small Business Accounting

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Managerial Accounting-The Sarbanes-Oxley Act

Friday, June 14 2013 by Keeley Byrnes

Even if managers aren’t actively filling out financial information, it’s important that they have a firm grasp on rules and standards for filling out financial information. Also, understanding financial information itself is critical for managers to make informed decisions. In this post, we will discuss the Sarbanes-Oxley Act and its implications on businesses and managers.

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Published in Latest, Small Business Accounting

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Managerial Accounting- Tips for Ethics in Financial Reporting

Thursday, June 13 2013 by Keeley Byrnes

In recent years, many financial scandals have come to light in the media. Companies such as Enron, WorldCom, and AIG have experienced significant scandals due to unethical and sometimes illegal accounting practices. It is important for companies to prepare financial statements correctly and legally to avoid punishment, but also to have an honest relationship with

Published in Business, Latest, Small Business Accounting

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Small Business Accounting- Cash Versus Accrual Basis Accounting

Wednesday, June 12 2013 by Keeley Byrnes

There are two types of accounting: accrual and cash. It’s important for a small business to understand the two systems in order to select the correct accounting methods. In this post, we will discuss the differences between cash basis and accrual basis accounting. Accrual basis accounting means that companies record

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Published in Latest, Small Business Accounting

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