Segment Reporting

An adjusting entry is a journal entry made at the end of an accounting period to update account balances before preparing financial statements. These entries ensure revenues and expenses are recorded in the correct period — even if cash hasn't moved yet. They're a core part of accrual basis accounti

Net income is the total profit remaining after all expenses, taxes, and interest have been subtracted from revenue. It's the "bottom line" of the income statement and shows whether the business made money or lost money during the period. Net income flows to the Balance Sheet as retained earnings and

A trial balance is a report that lists every account in your chart of accounts along with its debit or credit balance. The total of all debit balances must equal the total of all credit balances — this proves that the accounting equation (Assets = Liabilities + Equity) is in balance. It's a fundamen

A receipt is a written document confirming that a payment has been made. It typically includes the date, amount paid, description of what was purchased, the seller's information, and the payment method. In bookkeeping, receipts serve as source documents that verify expenses and support tax deduction