However, bookkeeping and accounting clerk jobs are expected to decline, with the BLS projecting a 6% fall in jobs over the same period. The BLS notes that job growth for accountants should track fairly closely with the broader economy. However, bookkeepers will face pressure from automation and technology that will reduce the demand for such […]

These frameworks ensure consistency and comparability across financial statements, which is essential for stakeholders who rely on this information for decision-making purposes. If it is not, this means an unbalanced or unaccounted-for entry in your balance sheet needs to be looked at closer. Ensuring all finances are accounted for will make filing your income taxes […]

We can expand the equity component of the formula to include common stock and retained earnings. It’s called the Balance Sheet (BS) because assets must equal liabilities plus shareholders’ equity. A liability, in its simplest terms, is an amount of money owed to another person or organization. Said a different way, liabilities are creditors’ claims on […]