Category: Bookkeeping – Introduction and Basic Understanding
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Bookkeeping – You are a Bookkeeper Now (Lesson 28)
There really is no undergraduate degree program for bookkeeping. Nobody has a college diploma from an accredited institution for bookkeeping; accounting yes, bookkeeping no.
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Bookkeeping with QuickBooks (Lesson 27)
There are multiple positive benefits of QuickBooks for the business and directly for the bookkeeper too.
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Bookkeeping – Various Terms (Lesson 26)
In the previous 25 lessons I covered a lot of different terms and this lesson is merely a summary of the various terms a bookkeeper encounters.
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Bookkeeping – Cash or Accrual (Lesson 25)
Generally Accepted Accounting Principles (GAAP) advocates using the accrual basis of accounting over cash basis. The difference between the two methods is important to understand as a bookkeeper.
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Bookkeeping – The Accounting Equation (Lesson 24)
The accounting equation is a simple formula used frequently in business. The formula is: Assets = Liabilities plus Equity OR Equity = Assets minus Liabilities.
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Bookkeeping – Schedules (Lesson 23)
In accounting there are books (journals) and ledgers for source entry of information. A trial balance is used to monitor the types of accounts. With the use of parent-child accounts and control accounts bookkeepers can generate a wide array of reports. Unfortunately this still lacks the breath of supporting information needed. The profession uses schedules to augment the reports.
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Bookkeeping – Control Accounts (Lesson 22)
Control accounts are used when there are multiple third parties interacting with the business in regards to similar function.
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Bookkeeping – Proper Income Statement Presentation (Lesson 21)
The income statement presents information over a period of time. This time period is referred to as an accounting cycle.
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Bookkeeping – Proper Balance Sheet Presentation (Lesson 20)
The balance sheet serves as an historical report. It identifies the accumulated change in value since inception.
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Bookkeeping – Other Expenses and Revenue (Lesson 19)
In accounting sometimes an extraordinary event occurs. When this happens the associated revenue and expense is recorded in the expense type of accounts.