Bean Counter Dave Marshall has this to say about the different types of business organizations: Types Of Business Organization One of the first decisions that a person(s) needs to make is how the company should be structured. The four basic legal forms of ownership for small businesses are a Sole Proprietorship, Partnership, Corporation, and Limited [...]

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The Daybook is a book that records daily transactions, usually sales or purchases.  The transactions are recorded as they occur. Share on Facebook

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The general ledger, sometimes known as the nominal ledger, is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as current assets, fixed assets, liabilities, revenue and expense items, gains and losses. The general ledger is a collection of the group of accounts that supports [...]

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The Chart-of-Accounts (COA) is a chart that lists the names of the accounts that a company has identified and made available for recording transactions in its general ledger. The COA is flexible and can be modified and updated according to the needs of the company. Share on Facebook

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Taxes are monies collected by the government based on income, sales price, accumulated wealth or based on some other criteria. Share on Facebook

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