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What is accounting cycle or process?
The sequence of activity which are followed in an organization,where accounting is pratise.the sequence of accounting procedure used to record classify and summarize accounting information is known as ACCOUNTING CYCLE/PROCESS.
What is the right side of an account called?
The right side of an account is called the "credit" side. In accounting, credits are used to record increases in liabilities, equity, and revenue accounts, as well as decreases in asset accounts. Conversely, the left side of an account is known as the "debit" side. Together, debits and credits are used to maintain the accounting equation and ensure balanced financial records.
What is Cloud accounting?
Cloud computing accounting is a type of software best used for Accountants. You can find a list of them on Wikipedia. It's a software used to run business accounts.
Are payables accounts used in cash basis accounting?
Cash basis accounting is a method under which cash is immediately paid or received as transection occured and no future payment or receit is recorded that's why there is no use of payable or receivable accounts exists in this accounting method.
What are advantages and disadvantages of accounting concepts and conventions?
Strengths of such accounting concepts are: 1. reduce confusing variations in the methods used to prepare accounts. 2. Weakness of such accounting concepts are: 1. rigidity and low flexibility in applying the concepts. 2.
What is cloud computing accounting?
Cloud computing accounting is a type of software best used for accountants. You can find a list of them on Wikipedia. It's a software used to run business accounts.
What is accounting system and what their types?
An accounting system is a program or a system that is used in management and processing of accounts. Some of the types of accounting systems include management accounting, cost accounting, manual systems, double entry and so many others.
How an accounting system use in bank?
An accounting system is used in bank for various purposes. The system will help in basic bookkeeping of the bank's accounts and reconcile all transactions among other accounting functions.
What is 'special accounting'?
A bank account for people who were born with diahorea
The numbering system used in a company's chart of accounts?
A. A. Is the same for all companies. B. B. Is determined by generally accepted accounting principles. C. C. Depends on the source documents used in the accounting process. D. D. Typically begins with balance sheet accounts. E. E. Typically begins with income statement accounts.
What is the purpose of chart of accounts?
The purpose of the chart of accounts is so that the correct account is used within the accounting system of a business. Certain businesses may have different names for cash, capital, and other accounts.
Is a spreadsheet a good accounting tool?
Yes it is. It is widely used in accounting, along with some other applications, to help accountants to do up accounts for businesses and people. A spreadsheet is very versatile and it is used for numerical analysis and manipulation and so it is very useful for accounting.
