Accounting glossary

1. Assets
          An economic ressource that is expected to be or benefit in the future. Probable future economic benefits obtained as a result of past transactions or events. Anything of value to which the firm has a legal claim. Any owned tangible or intangible object having economic value useful to the owner.

2. Balance
         Basic finacial statement, usually accompanied by appropriate disclosures that describe the basics of accounting used in its preparation and presentation of a specified date the entity's asset's, liabilities and the equety of its owners. Also known as a statement of financial condition.

3. Dividends
          Distribution of earnings to owners of a cororation in cash, other assets of the corporation, or the corporation's capital stock.

4. Equety
          Residual interest in the assets of an entity that remains after deducting its liabilities. Also, the amount of a business' total assets less total liabilities. Also, the third section of a balance sheet, the other two being assets and liabilities.

5. FOB Destination
         A shipping term that means that the seller bears transportation costs to the place of delivery.

6. FOB Shipping point
        A shipping term that means that the buyer bears transportation costs from the point of origin.

7. Income Statement
         Summary of the effect of revenues and expenses over a period of time.

8. Liability
         Debts obligations owed by one entity (debtor) to another entity (creditor) payable in money, goods, or services.

9. Petty cash
          A small amount of cash that a company keeps on hand to pay for minor expenses in an office.

10. Receivables
          Amounts of money due from customers or other debtors.

11.Revenues
          Sales of products, merchandise, and services; and earnings from interest, dividend, rents.

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China vs USA

For those who studies Accounting, they know there is a lot of things to learn in economy and many different aspects that we can look out, all around the world. One of the reasons I chose this article is that we talk about two of the world's most powerful country in economy, China and the United States of America. Over the century, China didn't stop growing as one of the biggest economy platform in the world.

Lately, we heard in the news that for the first time, China had more billionaires than the United States of America. It's quite surprising when you think of it. So, they say in this article that in total, China has now numbered 596 billionaires, unlikely 537 billionaires for the US. Referring to Rupert Hoogewerf, Huron Report chairman, China is one of the most vibrant countries in the planet for entrepreneurship. Chinese billionaires respects their old ways of doing things, with 95 % handmade fabrication. 21 % of the Chinese billionaires are woman. The most affluent women of China, Zhou Qunfei, quit school by the age of 15 but went to university as a part-time student and started touch-screen maker Lens Technology in 2003. Zong Qinghou, the founder of drink company Wahala, couldn't find a proper job because of his poor education. After that, the guy started to sell milk to make his money. There a few things you have to do to be a Chinese billionnaire. First, you have to work in those specific industries, tech, property investments and manufacturing industries.  Four billionaires part of the top 10 in China are IT tycoons and four others of the top 10 have a certain occupation in immoveables. Also, everything that is made in China are in fact, source of big profits. Outside of the top 10, manufacturing is one of the most frequent industries of the Hurun rich list member. Second, you need to live in one of the those cities, Beijing, Shanghai or Shenzhen. Finally, social media fans makes a huge influence on billionaires, most of them have a large number of followers in social media.

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Website description

Shopify.com

This website is about creating a relationship with the customer and selling products to them. It shows different aspects in business which helps the individual how to sell a product or how to build their own business. Some people started to sell snowboards in an online store, they wanted to build a good relationship with the customer and to personalize their product and build their own retail business, Shopify.com was born after that. This website gives you a lot of tools on how to manage your little business and  helps you learn many aspects on the economy, which is great because, my field of study is accounting. With this website, I will explain the basics of a financial plan in accounting, by explaining the concept of a Balance sheet and an Income statement.

How to use Shopify.com to make a Balance Sheet and an Income statement

In this video, I will do a walkthrough demonstrating how to do a Balance sheet and an Income statement  on Shopify.com.