While their transactions may not be as large, small businesses use the same system of accounts that large companies use. By understanding the five types of accounts and some common accounts of each ...

What every business should know about expense accounts An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay ...

From an accounting perspective, expense accounts live on the income statement where all business costs get recorded. These are temporary accounts that reset each fiscal period. At the end of the year ...