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In accounting terms, assets are recorded on the left side (debit) of asset accounts, because they are typically shown on the left side of the accounting equation (A=L+SE). Likewise, an increase in liabilities and shareholder's equity are recorded on the right side (credit) of those accounts, thus they also maintain the balance of the accounting ...
A properly documented journal entry consists of the correct date, amount(s) that will be debited, amount that will be credited, narration of the transaction, and unique reference number (i.e. check number). [1] In a real business, recording transactions and recurring items involves practical application of accounting principles.
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]
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 ...
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
Although the terms of reference of a project are sometimes referred to as the project charter, [4] there are significant differences between the two. This article describes a TOR containing detailed definitions, while a project charter has high-level requirements, assumptions, constraints and descriptions as well as a budget summary without ...
The terms “supper” and “dinner” can be used pretty interchangeably, but “dinner” is typically used more often. Regardless, if someone says one or the other, most people will know they ...
The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]