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Accounting The basic accounting equation is the foundation for the double-entry bookkeeping system. It shows how assets were financed: either by borrowing money from someone (liability) or by paying your own money (shareholders' equity).From the large, multi-national corporation down to the family owned restaurant, every business transaction will have an effect on a company's financial position. The financial position of a company is measured by the following items: 1. Assets (what it owns) 2. Liabilities (what it owes to others) 3. Owner's Equity (the difference between assets and liabilities) The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other. The accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Equity The accounting equation for a corporation is:
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When are revenues reported?
Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.
Where can one find a master accounting service?
One can find a master accounting service by using the Master Accounting service website which offers complete information on the master accounting service.
Where might one find information on an equity method of accounting?
The best place to go to find information on an equity method of accounting would be an accounting textbook. Examples are Principles of Accounting, and Accounting Made Simple, which are both available on Amazon.
What are the basics an accounting package should include?
An accounting package is necessary for keeping track of all of your company's financial transactions. Common features in an accounting package include Accounts Payable, Accounts Receivable, Billing, Purchase Orders, Sales Orders, and more. Depending on what type of company you are running, you may need more extensive features in your accounting package.
Where online can one find information about insurance accounting?
You can find information on insurance accounting from websites such as: Fox Business, The New York Times, and from FASB (the Financial Accounting Standards Board).
Where can I find free accounting basics Training websites?
You can go to www.dwmbeancounter.com. Another option is www.intuit.com.
What should an accountant to know about the basics of accounting?
An Acccountant should hopefully know everything about the basics of accounting- and hopefully some more advanced knowledge too.
Where can I get accounting lessons?
You may find several books on an introduction to accounting. The "For Dummies" series is actually very good and outlines the basics of accounting knowledge in an easy to understand format. This will enable you to understand and work with advanced topics.
Which type of accounting question ask to candidate while taking interview?
the accounting questions to be asked are to be based on the Accounting Standards along with basics of accounting
Where can one learn accounting and bookkeeping basics online?
One can learn accounting and bookkeeping basics online at such internet web sites as ehow, nolo, universalclass, brightoncollege and accountingcoach.
What is the accounting simplified?
Accounting Simplified is a website that aims to provide quality Financial Accounting study resources to students, professionals and others interested in learning the basics of accounting.
When are revenues reported?
Under the accrual basis of accounting, revenues are reported in the accounting period when the services or goods have been completed. This is answer to question 3 on the Accounting Basics quiz.
What has the author Kenneth A Koerber written?
Kenneth A. Koerber has written: 'Accounting basics'
Where can I find a good accounting class?
Accounting classes are offered at most colleges and universities.Typically introductory accounting class will introduce students to the basics, then advanced classes will build upon those concepts, ultimately allowing students to develop the skills to become an accountant. In order to become a professional accountant, accounting classes should be taken only from accredited degree programs.
Where can I find more information about accounting course?
This is a free online course. I doubt it offers any certifications that would be useful, but it can help you get the basics down for accredited courses. http://www.accountingcoach.com/
Where can one get free accounting software?
One can download trials of accounting software from Sage and Money but these will generally only be good for 90 days. Some good free accounting programs are Turbo Cash, TAS basics and GnuCash.
Where can one find a master accounting service?
One can find a master accounting service by using the Master Accounting service website which offers complete information on the master accounting service.
