![]() Financial Auditorįor example, a business loan means an increase in liability which will decrease the business’s net worth. A bookkeeper is a professional who manages a business’s financial transactions and recording. This more advanced process is ideal for enterprises with accrued expenses. When following this method of bookkeeping, the amounts of debits recorded must match the amounts of credits recorded. Double-entry bookkeeping is the practice of recording transactions in at least two accounts, as a debit or credit. The information from a company’s balance sheet and income statement gives the accountant, at the end of the year, a full financial picture of the firm’s bookkeeping transactions in the accounting journal. This process of transferring summaries or individual transactions to the ledger is called posting.For every debit journal entry recorded, there must be an equivalent credit journal entry to maintain a balanced accounting equation. ![]()
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