Office accounting involves keeping financial records for a business, including expenses and income, to track losses and profits for tax purposes. It is important to maintain accurate records to avoid legal consequences, and there are various methods for keeping these records, including hiring an accountant or using software. Office accounting is the process of keeping […]
Double-entry bookkeeping balances all general ledger debits with credits for accurate financial statements. Invented by Luca Pacioli, it is the basis of the accounting equation and helps catch errors. However, it may not accurately represent cash flow and requires a statement of cash flows for a clearer picture. Double-entry bookkeeping is an accounting system that […]
