The ultimate end product of accounting is NOT good financial reports. Rather, the desired end point of accounting is an excellent understanding of your business and better management action. Remember, accounting does not equal bookkeeping. ProfitCents fills the gap between bookeeping and action. Accounts Payable are amounts owed to suppliers or vendors.
Assets are resources owned which help earn profits.
Many times, assets are buildings, machinery, inventory or other resources that a company owns or holds. Assets are listed on the Balance Sheet . Balance Sheet is a listing of assets, liabilities, and equity as of a certain date. The Balance Sheet is one of the two most important financial statements. The other important financial statement is the Income Statement.