Mileage Deduction

A ledger is a collection of accounts that records all financial transactions for a business, organized by account type. The general ledger is the master ledger containing all accounts, while subsidiary ledgers focus on specific areas like accounts receivable or accounts payable. Each account in the

In bookkeeping, a debit is an entry on the left side of a journal entry or T-account that increases certain types of accounts and decreases others. Debits increase asset and expense accounts while decreasing liability, equity, and revenue accounts. Every transaction requires at least one debit and o

Accrual basis accounting records revenue when it's earned and expenses when they're incurred — regardless of when cash actually changes hands. It's the opposite of cash basis, where you only record transactions when money moves. Most businesses over $25 million in revenue are required to use accrual

A cost center is a business unit or department that incurs expenses but doesn't directly generate revenue. Cost centers support revenue-producing activities — think HR, IT, accounting, facilities, or R&D. They're evaluated on their ability to control costs and provide value to the organization, not