Category: Bookkeeping

I generally use $___MM, which was, and still is, often used by accountants and economists. Before “K” was adopted as the colloquial way of writing a thousand (i.e. $35k to mean $35,000), it was common to use “M” instead; “M” being the Roman Numeral for 1,000. https://www.bookstime.com/ As a result, “M” simply became shorthand for […]

Depreciation methods vary depending on factors such as an asset’s expected lifespan and salvage value. Some common methods include straight-line depreciation, declining balance depreciation, sum-of-years-digits depreciation, and units-of-production depreciation. Straight-line depreciation, the sum of years digits, double declining balance, and units of production are some methods used to depreciate the assets. Profitability ratios, such as […]

Lili is not a tax preparer and does not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your specific situation. The cost of a CPA preparing your taxes can differ not only based on the experience, location, and size of the firm you hire, but it […]

They keep track of accounts payable and receivable to ensure accurate financial statements. Welcome to your weekly accounting tasks, otherwise known as the land of invoicing, financial data management, and other business bank account fun. Double-entry accounting enters every transaction twice as both a debit and a credit. Your business’s books are balanced when all […]

A secured debt requires taking a loan out against an asset as a form of security. This is because if the money is not paid back within the agreed upon time frame, the lender can instead forfeit the asset and recover the money. In simple sentences, debt is a cheap source of financing since it […]