Tag: Chart of Accounts
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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.
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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 – Debits and Credits with the Trial Balance (Lesson 16)
The primary report used by accountants is the trial balance. It is the job of the bookkeeper to make sure that it is in balance and that there are no abnormal values within the respective types of accounts.
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Work in Process as a Control Account
A control account in the Chart of Accounts is used when there is a need to separate multiple third parties with a similar function. Work in process works perfectly as a control account.
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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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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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Chart of Accounts – Layout
The goal of accounting is to record the economic activity of the business. This is achieved by entering each economic transaction into a set of books. The books are formatted to reflect the balance sheet and income statement items. The chart of accounts is designed to present the information in the prescribed format.