If you’re targeting a global audience or discussing finance in general, using mm meaning “M” would be appropriate. However, millions range from 1,000,000 to 999,999,999 so there can be a maximum of eight zeros if you are referencing a 100 million (100,000,000). You can also use the abbreviation “mil” in casual conversation. You might hear…

You’ll find that a lot of UK native speakers won’t even know what “mm” stands for (outside of the “millimeter” measurement that is abbreviated to “mm”). However, it’s fairly uncommon for “Million” to be abbreviated outside of scientific circles. Most native speakers wouldn’t care much about “million” as an abbreviation because they won’t often come…

To further clarify this concept, balances are closed to assure all revenues and expenses are recorded in the proper period and then start over the following period. The revenue and expense accounts should start at zero each period, because we are measuring how much revenue is earned and expenses incurred during the period. However, the…

The post-closing trial balance should only include permanent accounts, such as asset, liability, and equity accounts. Finally, the dividends account (or owner’s drawing account for non-corporate entities) is closed. The dividends account typically has a debit balance, representing amounts distributed to owners during the period. To close this account, the dividends account is credited to…