In articles by Toby Brink, the chief executive and CEO of the Tri-Valley Business Council, suggests that providing back again to the community can be an action of patriotism. Toby Brink also asks the question: “Is giving best for business?” As you read on, it’s obvious that he very much thinks so. You can find a large number of businesses within many areas across this country that will help support their local areas by giving back again. By making them aware that not only is it patriotic, but good business, this may can really change the picture for non-profits. My recent article in the July e-newsletter: “Provide a Little, Get yourself a Lot: Why Giving is Good for Business” published in the Business News for Chamber of Commerce Mountain View, in Mountain View CA, addresses this very topic. Is an excerpt Here?
All makes up about an organization are grouped jointly and summarized on the total amount sheet in 3 sections which are: Assets, Liabilities, and Equity. All accounts must first be classified as one of the five types of accounts (accounting elements) (asset, liability, equity, income, and expense). To determine how to classify an account into one of the five elements, the meanings of the five account types must be fully realized. The definition of an asset according to IFRS is as follows, “An asset is a resource controlled by the entity as a result of past events that future economic benefits are expected to flow to the entity”.
In simplistic terms, this means that Assets accounts seen as having a future value to the business (i.e. cash, accounts receivable, equipment, computers). Liabilities, conversely, would include items that are obligations of the business (i.e. loans, accounts payable, mortgages, bad debts). The Equity section of the balance sheet typically shows the value of any exceptional shares that have been issued by the business as well as its cash flow.
All Income and expense accounts are summarized in the Equity Section in one line on the total amount sheet called Retained Earnings. This accounts, in general, demonstrates the cumulative revenue (retained cash flow) or reduction (maintained deficit) of the business. The Profit and Loss Statement is a growth of the Retained Earnings Account.
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It breaks-out all the Income and expense accounts which were summarized in Retained Earnings. LOSING and Income survey is important in that it shows the detail of sales, cost of sales, expenses, and ultimately the profit of the company. Most companies rely heavily on the loss and profit report and review it regularly to enable strategic decision making.
The words debit and credit can often be confusing because they rely on the point of view that a purchase is observed. SE). Likewise, a rise in liabilities and shareholder’s collateral are recorded on the right-hand aspect (credit) of these accounts, they also maintain the balance of the accounting equation thus. Typically, when reviewing the financial statements of a business, Assets are Debits and Liabilities and Equity are Credits.
For example, when two companies transact with one another say Company A buys something from Company B then Company A will record a reduction in cash (a Credit), and Company B will record a rise in cash (a Debit). The same transaction is documented from two different perspectives. This use of the terms can be counter-intuitive to the people unfamiliar with bookkeeping concepts, who may always view a credit as an increase and a debit as a decrease. It is because most people typically only see standard bank accounts and billing statements (e.g., from a utility).