Unless you're first starting your business, you'll almost always start an accounting period with inventory that you purchased during a preceding period. And unless you're liquidating your company, you ...

There are two main types of business. These are businesses that deal in products and businesses that deal in services. All other types of businesses are a mix of one of these two. Think about it, as a ...

The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals.