Bookkeeping

Basic Accounting Principles

What is Accounting Principals? Accounting principles refer to the set of guidelines and standards that companies follow when preparing their financial statements. These principles provide a common basis for how financial information should be record…

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The Basic Accounting Formula

What is the Basic Accounting Formula? Accounting formulas are the basic tools that accountants use to record, classify, and summarize financial transactions. They provide a framework for understanding the relationships between a company's assets…

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The Basic Accounting Concepts

What are the Basic Accounting Concepts? Accounting concepts are the fundamental ideas and assumptions that underlie financial accounting and reporting. They provide a basis for consistent and accurate financial reporting, and help ensure that financ…

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Accounting equation definition

What is the Accounting Equation?  An equation that shows the relationship between Assets, Liabilities, and Owner's Equity is known as the accounting equation. The left side of the equal sign shows the assets and the right side of the equation sh…

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Accounting Adjustments Overview

Accounting Adjustments What are Accounting Adjustments? Accounting adjustments are the business transactions that are recorded after the reporting period. Adjusting entries are made after the accounting period to make sure all the pieces of informat…

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What is accounting?

What is accounting? Accounting is recording, summarising, and sorting transactions and presenting them to related stakeholders. Accounting is also a field of education that teaches us how to perform all these tasks. Accounting of a small company can…

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Account Title (Definition)

Account Title What is an Account Title? Account title is a name that makes an account identifiable among thousands of accounts in a chart of accounts. In a chart of accounts, every account is specified with an identical name so that every transactio…

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Account Reconciliation Overview and Explanation

Account Reconciliation What is an Account Reconciliation? Account reconciliation is the process of cross-checking accounts. Account reconciliation is mostly related to bank reconciliation. Every month bank statement should be reconciled with the cas…

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Account Balance Overview and explanation

Account Balance What is an Account Balance? An account balance is the total of all the numbers in an account. If an account increases we add that to the balance and if decreases we deduct that from the account balance. Account balance can be done in…

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Account Analysis Definition Overview and Explanation

Account Analysis What is Account Analysis? Account analysis is the examination of the accounts specially the accounts that are related to the balance sheet. Without proper examination, the fault will lead to a bigger mismatch in the future. A compa…

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Account - Overview and Explanation

Account What is an Account? The account is a record that covers the increase and decrease of any specific asset, liability, equity, revenue, or expense. Accounts are broadly known as book-keeping or ledger. There is a different meaning of accounts i…

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