Adam Hill, author at Online Accounting

Adam Hill started accounting and trading back in 2007. He has achieved quite a lot of success. Now he decided to open his blog. Here he publishes articles on accounting. For any questions of interest, please contact us by e-mail: admin-hill@online-accounting.net

Matching Principle: Explanation and Example

Oct 8, 2021 Accounting Blog by Adam Hill

How successful an organization depends largely on the accuracy of accounting, for which it is necessary to strictly adhere to all generally accepted accounting principles. The importance of accounting principles was first discussed in the first quart...

Income Summary Account: Role in Accounting

Oct 1, 2021 Accounting Blog by Adam Hill

The Income summary is a little helper bookkeepers turn to ensure that they move gains or losses and other temporary items to the Balance sheet without any errors. This bookkeeping account is created only for this purpose. Given that, it falls into th...

Trade Discount Explained in Simple Words

Sep 23, 2021 Accounting Blog by Adam Hill

If products are listed as sold this way, then it means the producer of these goods allowed them to be purchased for a price smaller than originally intended for them. They usually do this to bolster the sales – all the more so, considering that this ...

Units of Production Method of Calculating Depreciation

Sep 16, 2021 Accounting Blog by Adam Hill

The Units method is best utilized with assets whose depreciation rate depends on how much they produce in terms of units. Production equipment is the most common type of asset being depreciated, although it’s not just restricted to that....

What are Income Statement Accounts?

Sep 9, 2021 Accounting Blog by Adam Hill

Accounts can differ in nature, but they usually hold a number of deals of the same type. These are long lists of deals, and they’ll eventually be generalized to some degree. At the beginning of each month, all bookkeeping accounts go to a single Ledg...