26
Dec
2019

Purpose of the Trial Balance in Accounting

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The purpose of the post-closing trial balance is to check the debits and the credits once the accountant passes the closing entries for the transaction. It includes only the real accounts as all the nominal accounts are closed at this time. T-accounts can also be used to record changes to theincome http://www.51wisdombaby.com/?p=13410 statement, where accounts can be set up for…

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29
Nov
2019

Techniques for Accounting Equation That Only a Few People Know

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Techniques for Accounting Equation That Only a Few People Know As an example, even though the land cost $125,000, Edelweiss Corporation's balance sheet doesn't report its present worth. Revenues from the selling of products and services increase equity, while expenses incurred in the plan of business decrease equity. Any expense incurred will reduce the operator's equity on a single side…

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02
Oct
2019

Bookkeeper vs Accountant

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There are other specializations as well, such as accounting systems or international accounting. Bookkeepers typically work alone or in small groups that share common tasks. Career Advice: Accounting Vs. Bookkeeping Both the AIPB and the NACPB are nationally recognized programs that give you credentials to display on your resume. Passing the AIPB program will make you a certified bookkeeper (CB),…

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01
Oct
2019

How To Calculate Wear & Tear

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Time Depreciation Straight line depreciation is a common method of depreciation where the value of a fixed asset is reduced gradually over its useful life. It is important to note that the way how accumulated depreciation expenses are not charging due to the changing of the depreciation method. Accumulated depreciation is calculated by subtracting the estimated scrap/salvage value at the…

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20
Sep
2019

How To Prepare A Petty Cash Book

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Bookkeeping With And Without A Computer Program Needless to say, you are not alone if you don't enjoy categorizing transactions. And no task (even if simple) is "easy" when you not only don't like doing it, but hate it. Should You Use Single Or Double Entry Bookkeeping? To record a transaction, first determine the accounts that will be debited and…

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12
Sep
2019

Free Bookkeeping Guide Made Easy For Beginners

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To record a transaction, first determine the accounts that will be debited and credited. For example, imagine that you’ve just purchased a new point-of-sale system for your retail business. However, most bookkeeping is done using the double-entry accounting system, which is sort of like Newton’s Third Law of Motion, but for finances. It isn’t physics, but for managing a business,…

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28
Aug
2019

What Is Not Supposed to Be in a Trial Balance Sheet?

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The last two steps in the accounting process are preparing a trial balance and then preparing the balance sheet and income statement. This information is provided in order to communicate the financial position of the entity to interested parties. Trial Balance is prepared from Debits and Credits of a Ledger and may contain errors. This error must be found before…

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19
Jul
2019

Professional Services

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Professional Services Often businesses try to train an office manager or other employee with capacity to become the part time bookkeeper. While this can work and is often the least expensive option on paper, there are risks associated if the part time employee’s or office manager’s output does not measure up to standards. And the cost of oversight, usually in…

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