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Daniel Levy
How to choose Cash or Accrual Basis for your business
Choosing between accrual or cash basis accounting depends on several factors, including the size and complexity of your business, your...
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Daniel Levy
- Mar 14
- 1 min
What does Accrual Basis mean?
Accrual basis is an accounting method where revenue and expenses are recorded when they are incurred, regardless of when the cash is...
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Daniel Levy
- Mar 14
- 1 min
What does Cash Basis mean?
Cash basis is an accounting method where income and expenses are recorded when cash is received or paid. This means that revenue is...
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Daniel Levy
- Mar 14
- 1 min
What is a Statement of Cash Flows?
A statement of cash flows is a financial statement that reports a company's cash inflows and outflows over a specific period of time,...
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Daniel Levy
- Mar 14
- 1 min
What is an Income Statement?
An income statement is a financial statement that reports a company's revenue, expenses, and net income (or loss) over a specific period...
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Daniel Levy
- Mar 14
- 1 min
What is a Balance Sheet?
A balance sheet is a financial statement that presents a company's financial position at a specific point in time by providing a snapshot...
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Daniel Levy
- Mar 14
- 1 min
What is an Expense?
An expense is a financial transaction that results in a decrease in a person or organization's assets, such as cash or property. It...
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Daniel Levy
- Oct 5, 2022
- 1 min
What is revenue?
Revenue is the total amount generated by the sale of goods or services related to running your business. Revenue is only sale proceeds,...
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Daniel Levy
- Oct 4, 2022
- 1 min
What is equity?
Basically, if you take everything of value (assets) the business owns and subtract everything the business owes (liabilities). The left...
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Daniel Levy
- Oct 3, 2022
- 1 min
What is a liability?
A Liability is something (usually cash) your business legally owes to an individual, another business, bank, or sometimes the government....
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Daniel Levy
- Oct 2, 2022
- 1 min
What is an asset?
Simply put an asset is something of value that your business has because of a past event. Your business has cash (the most famous asset)...
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Daniel Levy
- Oct 2, 2022
- 1 min
What is bookkeeping and why should I care about it?
When most people think of accountants they think of tax. Not every accountant prepares tax returns. Bookkeeping is the basic core of...
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Daniel Levy
- Oct 2, 2022
- 1 min
What is accounting and why is it important?
Accounting is the system of recording and summarizing business transactions and analyzing, verifying, and reporting the results....
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