📚 Accounting 101: Understanding the accounting equation!

Assets = Liabilities + Equity

Think of it like this: What you OWN (assets) equals what you OWE (liabilities) plus what's truly YOURS (equity). It's the foundation of all bookkeeping! 💡

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What are retained earnings? They're the profits a company keeps to fuel growth or pay off debts. 💡

Master your business finances today! 📊

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What are the Different Types of Accounting?

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💡 Wages Payable Explained 💼
Discover what Wages Payable means, its treatment in accounting, and how to record it with proper journal entries.
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💡 Understanding gross vs. net profit is key to business success!

🔹 Gross profit = how well you manage production costs
🔹 Net profit = your overall profitability after all expenses

Read more here 👇

🔗 zurl.co/tkUXV

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Is it time to hire a bookkeeper or continue doing the books yourself? Let this guide help you know your options! youtu.be/wF6HwvzeVdA?...
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💢The Balance Sheet developed by Luca Pacioli, the "Father of Accounting," in 1494.
He introduced double-entry bookkeeping in his book Summa de Arithmetica, emphasizing that every transaction has a dual effect, ensuring that assets equal liabilities plus equity.
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Let's talk business financials: The Profit & Loss (P&L) Statement (or Income Statement). It's fundamental for seeing if your business is profitable. Tracks income earned vs. expenses incurred over time.
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Think you can skip the basics in accounting?

Think again...

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