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Almost every business involves the exchange of money in one way or another. If I go to the store, the owner had to buy the merchandise, then I pay for it and they have to pay their rent, employees, taxes, and many other costs.
It is very important to keep careful track of all this money. The store has to make sure what they are earning is greater than the total cost of running their business. If not, they will have to close shop. They also have to plan for paying bills, and save money each month so they will have enough to pay taxes each year. They need to know they are making enough to pay their employees. And they need to make sure no one is stealing any money from the cash registers, and keep track of the cost of the merchandise that is stolen from the store.
Keeping track of all this flow of money is called "accounting." In a small store, the shop owner may do the accounting themselves. If a business is large enough, they are able to hire an "accountant" to do the accounting. The larger the business the more Accountants they may have. It is an essential part of running a business.
What else can I help you with?
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
What does accounting services have to do with business to business services?
Accounting services are a crucial part of business to business service. This ensures that all of your bookkeeping is done in a fair and balanced way between companies and businesses.
What is the accounting equation and how does it work?
The accounting equation displays the relationship between capital, liabilities and the assets. The accounting equation shows that the assets are a sum of the liabilities and the invested capital.
What is the relationship between accounting and economics?
Relation between Accounting and Economics. Accounting and economics relates to each other in the way that both of them consider the effective and efficient use of resources, particularly when they are scare, and also maximizing the wealth. However, Accounting is the activity which provide information to the owner of the business firm, effective and efficient use of resources and maximization of the wealth of the owner of the firm, While economics does all the activities for the nation and not for an individual.
What is the differences between manual computerized accounting systems for a service business?
A manual accounting system is a method of processing accounting functions with pencil and paper. A computerized accounting system allows accounting professionals to compute accounting tasks with a computer.
What is the relationship between accounting and history?
In business, accounts are a history of transactions. In life in general, accounts are a history of events.
What is the relationship between financial accounting and Statistics?
what is the relationships between statistics and accounting
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
Importance of chemistry in accounting?
I do not believe there is a relationship between chemistry (the science) and accounting
What is the relationship between business and technology?
Relationship between Technology and Business?
What is the difference between Accounting and Business Accounting courses?
In "Business Accounting" you will learn how to keep one set of books for yourself and another set of books for the IRS.
What are two differences between large business accounting and accounting for small businesses?
none
Is there a difference between an MBA in accounting and an MS in accounting?
The master's in accounting is specific to accounting. The MBA is particular to business administration and all it contains.
What is the relationship between the United Nations and international business?
What is the relationship between this orgaization and international business?"
Which one of the following is not a difference between a retail business and a service business?
accounting equation
What is the relationship between human resource department and accounting department?
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What does accounting services have to do with business to business services?
Accounting services are a crucial part of business to business service. This ensures that all of your bookkeeping is done in a fair and balanced way between companies and businesses.
