A trial balance is a bookkeeping worksheet that lists the balances of all ledgers (accounts) that have nonzero balances. A trial balance is an important step in the accounting process, because it helps identify any mathematical errors throughout the first three steps in the cycle: journalizing transactions, posting them to the ledger, and preparing an unadjusted trial balance. It also provides the basis…
Ledger
A ledger is a book or digital record that stores bookkeeping entries. The ledger shows the account’s opening balance, all debits and credits to the account for the period, and the ending balance. Ledgers may contain detailed transaction information for one account, one type of transaction, or—in the case of a general ledger—summarized information for all of a company’s financial…
Income statement
An income statement is a financial report that shows a company’s profit and loss over a period of time, usually a quarter or a year. It shows how a company’s revenue (sales or income) is transformed into net income (profit or loss) by subtracting all expenses from both operating and non-operating activities. It also complements the balance sheet and the cash flow statement by showing how income…
Cash flow statement
A cash flow statement is a financial report that details how cash flows i.e. entered and left a business during a reporting period. It shows how a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses. It also complements the income statement and the balance sheet by…
Balance sheet
A balance sheet is a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time1. It provides a snapshot of a company’s finances (what it owns and owes) as of the date of publication. It also shows how the assets are financed, either through either debt or equity. The balance sheet adheres to the following accounting equation, with…
Accounting
Accounting is the process of recording, classifying and summarizing financial transactions. It provides a clear picture of the financial health of your organization and its performance, which can serve as a catalyst for resource management and strategic growth. Accounting also involves the communication of financial and non-financial information to various stakeholders such as investors, creditors, regulators, and tax authorities. Accountants Accountants are the backbone of…
Cryptocurrency Market Volatile, Investors Should Be Prepared
Bitcoin and Altcoin Prices The overall cryptocurrency market is down 3% today, with a total market capitalization of $1.2 trillion. The decline in cryptocurrency prices is likely due to a number of factors, including the ongoing war in Ukraine, rising inflation, and the Federal Reserve’s interest rate hikes. Despite the decline in prices, some analysts…
Motorola’s new foldables are here and they look amazing
Motorola’s new foldables for 2023, the Motorola RAZR and the Motorola RAZR Plus. These phones are being launched in the U.S., and that’s what they’ll be called. Just to keep you on your toes, though, these phones have different names outside the States, being called the Motorola RAZR 40 and the Motorola RAZR 40 Ultra,…
Lloyds to Close 144 Branches in 2023
Lloyds Banking Group has announced plans to close 53 more branches in 2023, bringing the total number of closures to 144. The closures will affect Lloyds Bank, Halifax and Bank of Scotland branches across the UK. The bank says that the closures are necessary due to a decline in customer use of branches. In the…
ESB and Ørsted join forces to boost Ireland’s offshore wind sector
ESB, Ireland’s leading utility, and Ørsted, the world leader in offshore wind, have announced a landmark deal to jointly develop an Irish offshore wind portfolio that could generate up to five gigawatts (GW) of renewable energy and support the country’s transition to net-zero emissions. The agreement, which was launched on Friday in Cork by Minister…
Gold prices today – June 2, 2023
As of 8:44 AM PST on June 2, 2023, the price of gold is $1,976.90 per ounce. This is a decrease of $2.10 from the previous day’s close. The gold price has been on a downward trend in recent weeks, due to a number of factors, including rising interest rates and a stronger US dollar….
Pakistan’s petroleum sales plunge by 40% YoY in May 2023
The sales of petroleum products in Pakistan witnessed a sharp decline of 40% year-on-year (YoY) in May 2023, reaching 1.30 million tons, according to the latest data released by the Oil Companies Advisory Council (OCAC). The drop in petroleum sales was attributed to various factors, such as the surge in petroleum prices, the slowdown in…