The goal of accounting is to record the economic activity of the business. This is achieved by entering each economic transaction into a set of books. The books are formatted to reflect the balance sheet and income statement items. The chart of accounts is designed to present the information in the prescribed format.
Month: November 2013
Insurance is a risk reduction tool used in our private and business lives. It is founded on the basic premise that a large group of individuals will cover a catastrophic event for one of the members sometime in the future. In general, the insurance company uses actuarial science (law of large numbers) to calculate the financial cost of accidents over a given period of time.
The three best methods of marketing include education, referrals and involvement. Unlike advertising, marketing is a human contact sport. If you truly want to expand operations, there are no other more effective methods than educating the customer, getting referrals and getting involved with the customer.