by chinmayadmin | Dec 30, 2022 | Episodes
In my last article, I explained the difference between Finance & Accounting by comparing business with game of football. Let me continue the same to explain Balance Sheets. (You can read my previous article later by clicking this link) Imagine a veteran football...
by chinmayadmin | Dec 30, 2022 | Episodes
In business, you have two basic financial statements, 1. The Balance Sheet, and; 2. The Profit & Loss Statement. Profit & Loss statement is like a thermometer – it tells the temperature of a business. On the other hand, a Balance Sheet will tell us...
by chinmayadmin | Dec 30, 2022 | Episodes
Average reading time – 6 minutes Outcome – You will never get confused with the terms Debit & Credit after reading this article. Wanna bet? The two most widely used terms in finance and accounting are also the most misunderstood. Whenever I ask participants in my...
by chinmayadmin | Dec 30, 2022 | Episodes
What is Profit? A general understanding is Profit = Income – Expenses. If income is greater than expenses profit will be a positive number. If expenses are more than income it is a loss. However, accountants are very optimistic people. They do not use the word, loss....
by chinmayadmin | Dec 30, 2022 | Episodes
Sunday, 30th May 2021 at 11 AM, My mother: Chinmay, you said, you’ll be helping me in selling our farm mangoes that were plucked earlier this week. Me: when will it get ripe? My mother: in a few days. Me: please express few days in numbers! My mother: 3-4 days Me: Ok,...
