Tag: Internal Accounts
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Bookkeeping – Internal Accounts (Lesson 79)
Internal accounts are used by management to clarify information, account for interdepartmental activities and address temporary bookkeeping issues.
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Bookkeeping – Temporary Accounts (Lesson 78)
Temporary accounts are financial and process control tools used by management to achieve financial goals. They are composed of internal, regulator and restrictive accounts. They are opened at the beginning of an accounting period and closed prior to the end of an accounting cycle.