Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

All Accounting Uses The Same Accounting Equation Assets = Liabilities + Equity Business Owners - Need three basic reports, Cash, Profit and Equity Cash On Hand................(Bank Balance - Un-cleared Checks) = CashProfit And Loss Report.........................(Sales - Expenses) = ProfitBalance Sheet Report..........................(Assets - Liabilities) = EquityRegular Accounting - Makes up roughly 80% of all accounting and Accounting for businesses in the world. Its main purpose is to provide basic financial reports for annual tax returns and some very rudimentary management decisions: #01 Accounts Receivable#02 Accounts Payable#03 Profit & Loss#04 Balance Sheet It Is Practically All that is taught in schools, colleges and universities.Regular Accounting Is Used In Fixed Environments - Where customers comes to the place of business or at most you ship or deliver a packaged product. In essence you are selling a product or a service from a fixed location. Regular Accounting Has These Things In Common: