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What is meant by relevant costs in accounting?
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What is meant by relevant costs in accounting? Relevant costs are the costs that are crucial to making a decision. These are future costs that tend to be ...

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What is bookkeeping?
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What is bookkeeping? A lot of you would be wondering what is bookkeeping. There is a lot of confusion when it comes to the actual job description of a ...

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What is an account?
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What is an account? One way to define an account is the record that is part of the general ledger and is used to book and save debit and credit transactions. ...

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Temporary Account
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Temporary Account A temporary account is also a part of the general account and is an account that commences each accounting year with zero balance. As the ...

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Suspense Account
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Suspense Account A suspense account is an account that is recorded in the general ledger and is used to book transactions only transiently. It is employed ...

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Straight Line Depreciation Calculator
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Straight Line Depreciation Calculator The most common approach to determining depreciation is known as straight line depreciation. This amount is applied to ...

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Payroll Tax FAQ
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Payroll Tax FAQ Payroll accounts have an importance of their own when it comes to your business and so it becomes mandatory to manage them appropriately. ...

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Payroll Options for Small Businesses
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Payroll Options for Small Businesses When it comes to small businesses, there are numerous payroll options that can be employed. Let’s have a look at the ...

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Meaning of Debit Memo on a Bank Statement
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Meaning of Debit Memo on a Bank Statement The deduction from the bank account’s balance is termed as a debit memo on a bank statement. So, a debit memo ...

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Line of credit
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Line of credit In business, a line of credit or credit line may be regarded as an agreement by a bank or other creditor with its client. This arrangement is ...

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Letter of Credit
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Letter of Credit It is a document that is generated by a bank for use by one of its clients. This document expresses the bank’s willingness to guarantee the ...

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How to Look Rich When You are Not
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How to Look Rich When You are Not There cannot be two views about it: everyone wants to become rich! And there is no harm in that. People with lots and ...