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A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
The classification of equity as a distinctive element for classification of accounts is disputable on account of the "entity concept", since for the objective analysis of the financial results of any entity the external liabilities of the entity should not be distinguished from any contribution by the shareholders.
Nominal accounts are accounts relating to revenue, expenses, gains, and losses. Transactions are entered in the books of accounts by applying the following golden rules of accounting: Real account: Debit what comes in and credit what goes out. Personal account: Debit the receiver and credit the giver.
Quicken Kids & Money was a Web-based program that aimed to help parents teach five- to eight-year-old children how to earn, spend, save, and share money. [9] The only remaining extended product is Quicken Home & Business, which is aimed at smaller/less complex businesses than would use QuickBooks. Quicken Home & Business encompasses management ...
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
QuickBooks is an accounting software package developed and marketed by Intuit.First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
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In the design of XBRL, all Item facts must be assigned a context. Contexts define the entity, e.g., company or individual, to which the fact applies, the period of time the fact is relevant, and an optional scenario. Date and time information appearing in the period element must conform to ISO 8601. Scenarios provide further contextual ...