Accrued interest is the amount earned on a debt or investment that has not yet been paid to the lender or investor. In other words, it is money that someone is owed for letting another person borrow their money but hasn’t yet received that money. Interest can accrue on various financial products, like bonds, loans,…
Accrued income is money a person or company has earned but not yet received. The income has been recorded in the accounting records, but the cash has not been collected yet. Accrued income is an essential concept in accounting that helps to match income with the period when it was appropriately earned. How Accrued Income…
Accrued depreciation is a fundamental idea in business, especially regarding accounting and taxes. It involves how a company keeps track of the value of its assets over time as they age and wear out. The Basics of Depreciation First, let’s discuss depreciation in general. When a company buys a significant, expensive asset like a building,…
Accounting is how a person or company keeps track of money. It is a way to record financial transactions and information. Accounting helps individuals and businesses understand how much money they have, how much they owe, and how much they are making or losing. The Basics of Accounting At its core, accounting is a system…
Accrued benefits are an essential idea in accounting. They are benefits that a worker has earned but that the company has not yet given to the worker. This usually happens with paid vacation time, sick leave, and retirement benefits. How Accrued Benefits Work When workers do their jobs, the company may promise them certain benefits…
Accrual accounting records financial transactions when they occur, regardless of when money changes hands. This accounting method captures economic events in real-time, showing a company’s proper financial position by recording both present and expected future payments and income. The Core Principle The foundational idea behind accrual accounting centers on the timing of recording transactions. When…
An internet connection is a way for your computer, phone, or other device to connect to the vast global network of computers and servers known as the internet. With an internet connection, you can access websites, send and receive emails, stream videos, play online games, and do countless other things that rely on exchanging data…
Cloud storage keeps your computer files and data on the internet instead of on your computer or other devices. When you use cloud storage, your files are stored on servers owned and managed by a cloud storage provider. You can access your files from anywhere if you have an internet connection. How Cloud Storage Works…
Online accounts are a massive part of modern life. Just think about how many accounts you have. Email, social media, online banking, shopping sites, cloud storage, and more exist. Many of us have tied up our whole lives in these accounts. That’s why keeping them secure is super important. If a hacker gets into your…
Reusing passwords across different accounts and websites is one of the riskiest things you can do regarding your online security. A password is like a key that unlocks access to your private information. You would never use the same key for your house, car, and office. So why would you use the same password for…
