Are you taking up an accounting course or are you already a graduate of accountancy? It doesn’t really matter whether you’re a student or a full-pledged accountant; you need to have an accounting dictionary with you. You can even treat it like a bible. You see, one can’t possibly memorize all the accounting terms. Students […]
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Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while accounting encompasses many functions involved in managing the financial affairs of a business. Accountants prepare reports based, in part, on the work of bookkeepers. Bookkeepers perform all manner of record-keeping tasks. Some of them […]
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Depreciation is a term we hear about frequently, but don’t really understand. It’s an essential component of accounting, however. Depreciation is an expense that’s recorded at the same time and in the same period as other accounts. Long-term operating assets that are not held for sale in the course of business are called fixed assets. […]
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When you think of accountants, you probably just think there is only one type of accountant. However, this is a mistake that many people make about accountants. Just like other professionals such as lawyers, there are different fields that accountants can go into. The accounting industry is split into three different types of accountants that […]
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Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: “facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data, and 2) communicating the results of this process to interested parties.” As an example, […]
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