Tag: Assets
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Bookkeeping – Controls in Accounting (Lesson 95)
Just as manufacturing uses controls to ensure quality of product, controls are used in accounting to generate accurate information, maintain security over assets and comply with Generally Accepted Accounting Standards.
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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 – 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 – 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 – Account Types (Lesson 1)
To fully grasp the concept of accounting a bookkeeper must accept that there are six (6) different types of accounts. All the reports, ledgers, journals and entries revolve around these six types of accounts.