Best Way to Accommodate With Your Accounting Assignments

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BEST WAY TO ACCOMMODATE WITH YOUR ACCOUNTING
ASSIGNMENTS
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A SIMPLE DEFINITION OF ACCOUNTING
Accounting is the process of recording,
organising, and comprehending a company's
financial data. Accounting feeds raw financial
datarecords of all the corporate expenses,
taxes, estimates. Accounting shows you how you're
earning a profit, how much the company's assets
and liabilities are worth.
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ACCOUNTING VS BOOKKEEPING
In certain respects, accounting and bookkeeping
are similar. Bookkeeping is a part of
accounting. Bookkeeping is the process of
recording and categorising financial
transactions. While accounting is the process of
bringing the financial records to good use
through analysis, policy, and tax preparation.
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MAJOR STEPS OF ACCOUNTING
Analyze and keep track of purchases (looking over
invoices, bank statements, etc.) Create a ledger
entry for each transaction (according to the
rules of double-entry accounting) Prepare an
unadjusted trial balance (this entails listing
and calculating the balances of all of the
company's accounts). At the end of the cycle,
prepare adjusting entries. Make a corrected
trial balance. Financial statements should be
prepared.
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WHAT AN ACCOUNTANT DOES?

• A good accountant will save you time by
  explaining the company's financial situation.
• They will also supply you with information and
  experience that non-accountants just don't have.
• The best practises you picked up while consulting
  for other businesses throughout your field.

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WHAT ARE THE THREE TYPES OF ACCOUNTS?
Accountants deal with three types of
accounts Real Accountant Both of a company's
properties, as well as debt and equity accounts,
are referred to as real accounts. Nominal
Accountant They are responsible for a business's
costs, losses, profits, and gains. Nominal
accounts are called temporary and are closed at
the end of each net profit or loss.
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THE BEST WAY TO ACCOMMODATE WITH YOUR
ASSIGNMENTS
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