Accounting

Many items we buy for use in business can be expensed in the year purchased. This means the value of office supplies, some computers and furniture, and other items needed to operate a business can be placed on the profit and loss statement as an expense which reduces net income. However, not all items we buy are allowed to be expensed in the current year and must be capitalized. So, instead of being able to “write-off” the entire item as an expense, we must put the new asset

A crash course on the basics of accounting.

Loans conceptually are quite easily to understand, but accounting for them may not be obvious.