Tag: Account Ledger
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Journals and Ledgers
Accounting is the process of recording economic activity and organizing this information in a format to inform owners about financial results. It all begins with the journals and ledgers.
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Bookkeeping – Chart of Accounts Using the Numbering System (Lesson 18)
To speed up the process of entering information accountants converted account names to numbers.
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Bookkeeping – Chart of Accounts (Lesson 11)
To properly create a set of ledgers there must be a list of accounts. This list is referred to as the ‘Chart of Accounts’ or for shorthand – COA.
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Bookkeeping – Financial Statement Relationships (Lesson 9)
The financial statement reports illustrate changes in the businesses’ financial condition over time.
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Bookkeeping – Debits and Credits in Expense Accounts (Lesson 8)
Expense types of accounts are the easiest to understand in bookkeeping. In general only debits are entered in expense types of accounts.
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Bookkeeping – Debits and Credits in Liability Accounts (Lesson 5)
Whenever a business commits to purchase time or product and that employee delivers their time or the supplier delivers the product, you owe them money. This is a liability.
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Bookkeeping – Debits and Credits in Asset Accounts (Lesson 4)
Debits and credits are two words that are the most recognized terms synonymous to bookkeeping and accounting.
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Bookkeeping – Ledgers and Journals (Lesson 3)
In order to understand how an entry is made to the books of record, the bookkeeper needs to understand the difference between a journal and a ledger as they pertain to bookkeeping.
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Trial Balance – Purpose and Interpretation
The trial balance is an accountant’s report used to identify issues with the respective ledger accounts.
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Bank Reconciliations – Fundamentals
The bank reconciliation is a daily accounting function for every small business. In order to fully appreciate its value, the small business owner needs to understand the fundamentals of how bank reconciliations are performed. In addition, there are some higher level types of transactions that affect the cash position.