Closing entries

At the end of the fiscal period, accountants close certain accounts in order to prepare the financial statements.

Closing process: Overview

At the end of the fiscal period, accountants close the temporary accounts. This overview describes the closing process.

Accounting mechanics: An example of financial statements

This sample financial statement highlights the relationship between the different parts of the financial statements.

Financial statements: Balance sheet and income, retained earnings and cash flow statements

Financial statements describe the profitability and value of a business, and have four main components.

Financial statements: Research in Motion (RIM)

The following consolidated financial statements demonstrate how the accounts from one statement affect another.

Fiscal period

The fiscal period represents a periodic set amount of time for which a business reports on its financial performance.

Fiscal period assumption

The fiscal period assumption entails that accounting take place over periodic and set time frames of equal duration.

Going concern concept

The going concern concept assumes that a company will stay in business during and beyond the next fiscal period.

Journal entries: Credits and debits

Journal entries have two sides: they record both an equal debit and credit for every business transaction.

Current liabilities and long-term liabilities on the balance sheet

Two main types of liabilities exist: current liabilities and long-term liabilities. Both are financial obligations.

Revenue (definition)

Revenue: definition: the measure of assets generated by a company’s business operations during a set period.

Shareholders’ equity, or net worth (definition)

Shareholders’ equity, or net worth: The net worth of a company equals the total assets minus the total liabilities.

Using your business plan’s executive summary to attract investors

The executive summary is a key document for entrepreneurs and new companies looking for investors.

Chairperson (definition)

Chairperson: head of a corporation or board of directors, or one who presides over a meeting.

Financing Social Enterprises: Government grants, corporate funders, foundations, bootstrapping or funders and investors?

Financing for social enterprises can come from many locations including corporate funders, government grants, bootstrapping or philanthropic foundations.

A strategy canvas: A tool for developing a differentiation strategy for technology products

Companies can use a strategy canvas to develop a competitive differentiation strategy for new technology products.

Cash versus accrual accounting

Two principal accounting methods exist to record business transactions: cash accounting and accrual accounting.

Gross margin (definition)

The gross margin is what remains after you divide your gross profit by your net sales.

Canada’s four business structures: Sole proprietorship, partnership, corporation and cooperative

In Canada, four ways exist to structure your business: sole proprietorship, partnership, corporation and cooperative.


In the ledger, accountants keep a running balance of the funds in different accounts using a system called a T-account.

Working capital (definition): Its relationship to current liabilities and current assets

Working capital is what remains on the balance sheet after current liabilities are subtracted from current assets.

A Bright Future for Diagnostic Imaging in Ontario

This report focuses on diagnostic imaging and the Ontario-grown companies that are breaking new ground to bring cutting-edge imaging capabilities to the world. 

Impact Investing: Building prosperity outside the mainstream

A discussion with Rt. Hon. Paul Martin and Bill Young, moderated by John Tory with Ilse Treurnicht. How can market forces be used to effectively solve social challenges in Canada? How can social purpose businesses impact social and environmental change in Canada, and how with changes to the Canada Revenue Agency regulations and better tax … Read More

Molecular Diagnostics: New tools for evidence-based medicine

This white paper highlights some of the developments fueling the medical diagnostic (Dx) industry — including accomplishments and promise as well as the challenges facing the sector. 

Net Change Week – Wired Wednesday

MaRS – Building Canada’s next generation of global technology companies.

Net Change Week – Ric Young

MaRS – Building Canada’s next generation of global technology companies.

"Been There" with Sean O’Dea

Charles Plant, MaRS advisor, interviews Sean O’Dea, one of the men behind Second Cup. From one tiny store to a national coffee retailing powerhouse, listen in as Sean talks about the highs and lows of the caffeine business and how tough times led to the business model innovation that forever changed the way the world … Read More

Social Entrepreneurship: Social Venture Finance

Social entrepreneurs are mobilizing talent and capital from both the public and private sectors to address complex societal challenges. But many promising social ventures fail to achieve their true potential due to limited access to resources. This introductory report to social venture financing will be the first in a series discussing the opportunities and challenges in the social finance ecosystem.


Entrepreneurship 101 2008/09 – Human Capital: Building high performance teams for your start-up’s success

Speaker: Lance Laking Every start-up encounters speed bumps on the highway of growth. It’s the people on your team who will enable your company to power through them. Skills and capabilities must evolve as you grow. You’ll need to navigate advisory and other boards, recruit well and have effective team communication and a CEO who … Read More

Regenerative Medicine: Industry Briefing

This industry briefing gives an overview of the global commercial landscape in regenerative medicine and relative strengths in Ontario.