[ad_1] Long ago, after proudly surviving my first formal financial management classes, I was confronted by a CPA friend of mine (Tom K.) with a mind-numbing quiz. If you’re so smart Tim, then tell me, what is a debit and what is a credit? I proceeded to launch into a picture-perfect and lengthy explanation of debits […]
Explanation of T Account, Debit and Credit, and Double Entry Financial Management System
[ad_1] In this financial management lecture, we will talk about T-accounts, financial management debits and credits, financial management balances and double entry financial management system. All financial managers know several terms that create basis for any financial management system. Such terms are T-account, debit and credit, and double entry financial management system. Of course, these terms are studied by financial management students all […]
Financial Management for Law Firms – Get Your Trust Funds in Order!
[ad_1] Understanding Financial Management for Law Firms One of the most difficult bookkeeping tasks for law firms is the correct processing of client trust accounts. The client trust account is a bank account where law firms hold money for a client to cover the cost of expenses. The trust account, also known as an IOLTA account […]