Jul 25 2008
Accounting Basics: What Are Liabilities?
Since I covered “What Are Assets?” already, the next logical step in my “Accounting Basics” series is to cover liabilities. They are kind of like the exact opposite of assets.
While assets are what you own, liabilities are what you owe. Common examples are bank loans, credit card balances, accounts payable (money you owe your vendors), [...]
Jul 7 2008
Accounting Basics: What are assets?
A big part of my job in public accounting is working with my clients’ bookkeepers to review their work and make any necessary corrections or adjustments. Many of them don’t have any formal training in accounting and really don’t have a deep understanding of what they are doing or why they are doing it. The [...]
