In Part 1 of this series, we discussed basic accounting concepts like the Accounting Equation. From there we identified the different Account categories and how transactions are placed under Debits or Credits.
You may be thinking, “Ok good, I get why this is being used by companies and banks, but this does not apply to me!“. Perhaps you may be right, but have you asked yourself these questions before?
If you are not involved in finances in your work, accounting seems to be a very daunting concept. This is understandable as there is an Accountancy course in college which means that you need to spend years studying the whole thing. It should not dissuade us in learning about basic concepts however, as it will help us greatly in managing our own finances. This article will serve as an introduction to accounting for noobs or those new to the concept.
The main purpose of accounting is to enable recording of economic data (which is mostly money or asset values). From these data recordings we can then summarize them and provide useful reports for analysis. These reports are used to see how a business or organization is doing. The results of the data can then be analyzed to determine the next course of action.
There’s some belief that age and years ending in 9 often result in some significant change in people’s lives. I would say that in general, this rang true for the year 2019 when we look at local and global events.
This is also true for me on a personal level. 2019 brought some hard new lessons for me to learn and I will share the top 5 major lessons here:
The Christmas season comes again and most of us are preparing gifts for loved ones. Some of us are even expecting our most-awaited gift on Christmas day. There are others who eagerly wait for the latest windfall or bonus from their employers. The holiday spirit springs to life again.
Not all of us are so lucky. The Sonoran Desert in North America is considered to be the hottest desert in Mexico. This desert only receives 3 to 15 inches (75 to 380 mm) of rain per year. You may think that it is a barren wasteland, but this desert is home for a hardy people: the Tohono O’odham.
I use Rails both professionally and personally for more than a decade now. Through the years, my usage of Rails also evolved together with new concepts and trends in web development. Here are some of the personal changes I am applying moving forwards on how I work with the framework.
JSON Web Tokens (JWT) provides a way to effectively secure API endpoints. As web applications move more to the front-end with the popularity of Javascript frameworks like React and Angular, JWT ensures that the connection between the front-end and the back-end remains secure.