Elements of a Powerful Mission Statement

A mission statement of a company is an important element that defines the direction that a company takes in production process. The mission statement serves to provide the business reason for operation. The reason for starting the business should be clearly represented in the mission statement. It is the statement that drives the operations of…

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Debt versus Equity financing

Starting and growing a small business is usually a hectic process that requires extensive analysis of the business environment. Finding funds for expansion is one of the important procedures that should be performed with keen supervision. Sourcing for the funds for the expansion requires a business to choose between two methods of financing. The business…

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Understanding the Meaning of Accounting Transactions

Business transactions simply refer to the business daily activity.   For illustration, a transaction can refer to the cash sale of a product or service, the credit sale of a product or service, the cash purchase of inventory, the credit purchase of inventory, cash dividends paid to owners, the cash purchase of a fixed asset…

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How to Prepare Income Statements

An income statement is an integral part of financial statements because it reveals the profitability of an organization over a period under review as indicated by its heading.   It is noteworthy to state that the period covered by income statement varies from one company to another and the motive of preparation In other words,…

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How to Manage your Personal Tax Payments

If you are not employing a professional tax accountant to handle tax affairs, doing it yourself can be tricky. A lot of people can end up paying too much tax because they make mistakes or remissions when preparing their tax returns. In some instances, people may accidently break the law. However, if you can learn…

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How to Prepare a Winning Business Plan

A successful entrepreneur must have a clear, concise idea of what he desires to accomplish and how to turn it into reality. He also must try to foresee the problems that he might encounter and must be able to know how to cope with them. Thus, one of of the very early steps you should…

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Using accounting information to make financial decisions

  The main aim of the business is to make profits. The accounting information that is used is essential for the management of the company. It helps in planning and decision making for the company. It is important for different parties that are involved in the business. Financial information has different uses for the different…

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Functions and skills of management

Effective management entails four basic functions which are planning, organizing, leading and controlling. In order to reach organizational objectives managers must efficiently and effectively perform these four functions.   The Planning Function   Managers are obligated to plan and develop strategies, establish goals and objectives, and then convert their strategies and goals into executable action…

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Still Confused About The Rules Of Debit/Credit? We will make it simpler for you!

Ideally, business are the activities which monetary implications on the financial statements of every business entity. By convention, we therefore record the figures in two different accounts in order to accurately account for the transactions. Going by the rule, the left hand is side debit column with acronym “Dr” while the right hand side is…

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Ethics in the Workplace

Making the right choice requires deep thinking through the consequences of your actions. In business, the same is applied. Every day members of a business firm are required to make decisions that have moral implications. Therefore, there had to be a set of moral standards that governs the behavior of individuals within an organization. A…

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