ACC 221 (Financial Accounting)

A bond is a promise made by a borrower to pay back a lender the amount borrowed (face value) at the bond’s maturity date, plus … Read More

Let’s start with stocks here, and then get to dividends. Stocks explained Simply put: Stocks are pieces (a.k.a. “shares”) of a company’s equity. A company … Read More

When running a business, we must account for paying our employees their wages. In doing so, we must also pay taxes! There’s a few different … Read More

Notes Payables operate almost very similar to Notes Receivables (covered in Exam 2), with a critical difference: To understand how they work, we’re going to … Read More

Over the course of a company utilizing equipment, it is bound to take on some wear-and-tear. However, this wear-and-tear can be difficult to calculate exact … Read More

Companies that utilize inventory must record the usage of that inventory towards end product. Oftentimes, you’ll be given a situation like the following… Question: Hats … Read More

Sometimes, a customer will make a purchase and ask the company to pay off said-purchase overtime or in the future with, essentially, a loan. In … Read More

“Terms 2/10, n/30”, at first-glance, looks like accounting gibberish. In all actuality, it’s actually pretty simple. First, we must understand the following: Terms 2/10, n/30 … Read More

Throughout business operations, there will be times that customers will pay for something on credit, and then end up not being able to pay the … Read More