Bookkeeping

“Book” refers to accounts, so bookkeeping is essentially maintaining accurate records or every account. The official name of this record is a “ledger” (or as Pacioli might have called it,…

The bounded rationality decision-making model is best employed when time is of the essence. It's the best model to use when inaction is more costly than not making the best…

Managerial accounting looks at a way to solve specific management issues while financial accounting looks at the company as a whole. However, it’s important to remember that routine tasks such…

Each subsidiary can have a separate sub-ledger account for each category that can be consolidated into the business’s financial statements. Another way of categorizing ledger accounts is to record them…