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By: Peter Lawless The first thing that I noticed when I got onto the small boat at the harbour in Enniscrone, Co. Sligo, was the cleanliness and order of the boat. The skipper in charge had all of the rods, upright, with their lines neatly tucked away, in holders. The holders were made out of piping, about 30cm long, which had been welded to the side of the boat. A simple, inexpensive aid had made me sit up and pay attention. This skipper thought about his customers, and this device left a strong impression. We then got a very short lecture on safety, checked we had our life jackets on, and off we went. About 12 of us! Finding your target market About 12 minutes later, the skipper stopped the boat, and told us we should find some mackerel here. He explained that the lures on the hooks looked just like what mackerel wanted to eat. It certainly was not something I would have fancied! He explained that through his experience and the help of a little sonar gadget on his boat, that he kn...

 By: Glenn McDonald Your online business will likely require more advertising than a contemporary business downtown, yet some new to the world of online business do not spend the time and money to advertise their business appropriately and are, in turn, losing money. Your online business is crammed into the world wide web along with thousands of others selling the same product or service as yourself. Consider this scenario: In your hometown you want to open an art supply store. In that same town there are thousands of art supply stores. In order for your business to be successful, it will have to stand out in some way from the others. This is exactly what is happening when a business is opened online. There is so much competition, that you must take drastic measures to ensure that you are getting noticed. Advertising can be done in so many ways online. These are some of the most successful ways that you can promote your online business. Advertising in e-zines is a popular way to pr...

Lesson 4 To help you better understand how the accounting equation works and stays in balance, here are more sample transactions and their effects to the accounting equation. In addition to transactions 1, 2 and 3 in the previous lesson, assume the following data: Rendered services and received the full amount in cash, $500Rendered services on account, $750Purchased office supplies on account, $200Had some equipment repaired for $400, to be paid after 15 daysMr. Alex, the owner, withdrew $5,000 cash for personal usePaid one-third of the loan obtained in transaction #2Received customer payment from services in transaction #5 The transactions will result to the following effects: Examples Explained The company received cash for services rendered. Cash increased thereby increasing assets. At the same time, capital is increased as a result of the income (Service Revenue). As we've mentioned in the Accounting Elementslesson, income increases capital.The company rendered services on acco...

  Lesson 3 The accounting equation is the unifying concept in accounting that shows the relationships between and among the accounting elements: assets, liabilities, and capital. In this lesson (and the next ones), you will learn about the basic accounting equation and how it stays in balance. Before taking this lesson, be sure to be familiar with the accounting elements. Basic Accounting Equation When a business starts to operate, its resources (assets) come from two sources: contributions by owners and resources acquired from creditors or lenders. In other words, all assets initially come from liabilities obtained and owners' contributions. This is the idea of the accounting equation. The basic accounting equation is: Assets = Liabilities + Capital As business transactions take place, the values of the accounting elements change. The accounting equation nonetheless always stays in balance. Every transaction has a two-fold effect. Meaning, at least two accounts are affected. Let...

  LESSON 2 The three major elements of accounting are: Assets, Liabilities, and Capital. These terms are used widely in accounting so it is necessary that we take a close look at each element. But first, let's define account. What is an Account? The term "account" is used often in this tutorial. Thus, we need to understand what it is before we proceed. In accounting, an account is a descriptive storage unit used to collect and store information of similar nature. For example, "Cash". Cash is an account that stores all transactions that involve cash receipts and cash payments. All cash receipts are recorded as increase in "Cash" and all payments are recorded as deductions to the same account. Another example, "Building". Suppose a company acquires a building and pays in cash. That transaction would be recorded in the "Building" account for the acquisition of the building and a reduction in the "Cash" account for the payment...

   LESSON 1 Accounting principles serve as bases in preparing, presenting and interpreting financial statements. They provide a foundation to prevent misunderstandings between and among the preparers and users. The Conceptual Framework of Accounting mentions the underlying assumption of going concern. In addition, the concepts of accrual, accounting entity, monetary unit, and time period are also important in preparing and interpreting financial statements. Going Concern Assumption The going concern principle, also known ascontinuing concern concept or continuity assumption, means that a business entity will continue to operate indefinitely, or at least for another twelve months. Financial statements are prepared with the assumption that the entity will continue to exist in the future, unless otherwise stated. The going concern assumption is the reason assets are generally presented in the balance sheet at cost rather that at fair market value. Long-term assets are included in the...