Catégorie : Bookkeeping

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Debits VS Credits: A Simple, Visual Guide Bench Accounting

Debits and http://bgfashionzone.com/accounting-finance.html credits are the system to record transactions. However, this is just the beginning of the accounting system. The goal of accounting is to produce financial statements. What’s the Difference Between Debits and Credits? By understanding the flow of debits and credits through these transactions you’re ensuring that for every action there’s an […]

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Modified Accrual Accounting: Definition and How It Works

Under the cash basis, transactions http://www.runloco.events/bookkeeping/post-closing-trial-balance-explanation-example-and/ are recorded only when cash changes hands. Revenue is recognized when cash is received, and expenses when cash is paid. This method is straightforward and common for very small businesses or individuals. Cash basis accounting records revenue and expenses when actual payments are received or disbursed. It doesn’t account […]

CONTINUE READING Modified Accrual Accounting: Definition and How It Works 4 min read
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