Category: Bookkeeping

The purpose of financial statements is to provide information about an entity’s financial position and performance to its users, such as investors, creditors, and regulators. The consistency principle is particularly important when it comes to the application of accounting standards. Entities must ensure that they apply accounting standards consistently and in a manner that accurately […]

Contra asset accounts are, as the name implies, accounts that are contrary to popular belief. Contra asset accounts have a credit balance as compared to a debit balance that most other types of accounts have. Before we start talking about the finer details, it’s important to know what is a contra asset account. Note that […]

Quicksolvers is a leading accounting firm serving the Chicago, IL area and its outlying communities. With the help of the knowledgeable and qualified staff at Quicksolvers, individuals and business owners can simplify their accounting process and increase profitability. Lazarian Financial Corp. is a premier accounting and tax preparation firm that specializes in assisting small businesses […]