Understand control accounts in Bookkeeping Introduction I am Vathani Ariyam, the author of this online course, “Understand control accounts in Bookkeeping,” It is a valuable course for business owners to master the sales and purchase accounts and check with cash flow and the budget. The students are on the lookout […]
What is the purpose of controlling accounts? Control accounts help in keeping the general ledger clean. If not, it will end up having too many entries in there. But it will have accurate entries to prepare the financial statements at the end of the financial year. Many of the accounts seen […]
What happens when liabilities exceed assets? What is a liability? Liability is the amount a business owes to others, like more loan payments and creditors, which means the company is in debt. What is an asset? An asset consists of land & buildings, equipment, machinery, and debtors, that is, the money […]
