Therefore, contra accounts, though they represent a positive amount, are used to net reduce a gross amount. For this reason, contra accounts are primarily seen as having… Read more “Purchase Discounts, Returns and Allowances: All You Need To Know”

Always consult with an accounting professional when accounting for inventory transactions. Journal entry is the formal recording of financial transactions in the accounting system. Each journal entry… Read more “Debits and Credits in Accounting: With Journal Entry Examples”

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The word ‘debit’ comes from the Italian term ‘debito‘, which comes from Latin term ‘debita‘. So, it is the destination that enjoys the benefit of the transaction.… Read more “Debits and credits definition”

Financial statements or reports are frequently published on a quarterly (four times per year) basis. It is rare that corporations publish financial statements only semiannually. They do,… Read more “biannual vs semiannual: See the Difference”

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