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Bookkeeping; Key concepts; Daybooks; Double-entry; General ledger; T Accounts; Trial balance; Journal; Debits and credits; Chart of accounts; Petty cash; Imprest system
The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account. For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses.
In computerized accounting systems with computable quantity accounting, the accounts can have a quantity measure definition. Account numbers may consist of numerical, alphabetic, or alpha-numeric characters, although in many computerized environments, like the SIE format, only numerical identifiers are allowed. The structure and headings of ...
This is a very popular bookkeeping examination type question. The best way to go about solving the unknown variable being either sales, cost of sales, or gross profit is to make use of a ratio calculation.
In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. [1] A general ledger may be maintained on paper, on a computer, or in the cloud. [2]
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ZipBooks is a free online accounting software company based in American Fork, Utah. The cloud-based software is an accounting and bookkeeping tool that helps business owners process credit cards, track finances, and send invoices, among other features. [1]
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