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Final accounts gives an idea about the profitability and financial position of a business to its management, owners, the public and other interested parties. All business transactions are first recorded in a journal .
Examples of common financial accounts are sales, accounts [1] receivable, mortgages, loans, PP&E, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency.
However, there are instances of accounts, known as contra-accounts, which have a normal balance opposite that listed above. Examples include: Contra-asset accounts (such as accumulated depreciation and allowances for bad debt or obsolete inventory) Contra-revenue accounts (such as sales allowances) Contra-equity accounts (such as treasury stock)
The general ledger contains a page for all accounts in the chart of accounts [5] arranged by account categories. The general ledger is usually divided into at least seven main categories: assets, liabilities, owner's equity, revenue, expenses, gains and losses. [6] It is the system of record for an organization’s financial transactions. [7]
However, due to the fact that accounting is kept on a historical basis, the equity is typically not the net worth of the organization. Often, a company may depreciate capital assets in 5–7 years, meaning that the assets will show on the books as less than their "real" value, or what they would be worth on the secondary market.
U.S. President-elect Donald Trump said "anything can happen" when asked about the chances of going to war with Iran during his next term in an interview with Time, coinciding with his being named ...
From January 2008 to December 2012, if you bought shares in companies when Christine T. Whitman joined the board, and sold them when she left, you would have a 7.0 percent return on your investment, compared to a -2.8 percent return from the S&P 500.
MyMaths is a subscription-based mathematics website which can be used on interactive whiteboards or by students and teachers at home. [1] [2] It is owned and operated by Oxford University Press, who acquired the site in 2011. As of February 2021, MyMaths has over 4 million student users in over 70 countries worldwide. [3]