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  • Accounting

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    Accounting involves systematically recording transactions in individual ledger accounts representing assets, liabilities, income, expenses and equity. Debit and credit entries are made chronologically in these accounts, which are then posted to a ledger or book of final entry. Examples of common accounts include cash, accounts receivable, mortgages, loans, property, plant and equipment, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by a particular business, organization or government agency to record, verify and report such financial information through the accounting system.

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    Accounting

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    Accounting involves systematically recording transactions in individual ledger accounts representing assets, liabilities, income, expenses and equity. Debit and credit entries are made chronologically in these accounts, which are then posted to a ledger or book of final entry. Examples of common accounts include cash, accounts receivable, mortgages, loans, property, plant and equipment, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by a particular business, organization or government agency to record, verify and report such financial information through the accounting system.

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    19 views1 page

    Accounting

    Uploaded by

    asun6392
    Accounting involves systematically recording transactions in individual ledger accounts representing assets, liabilities, income, expenses and equity. Debit and credit entries are made chronologically in these accounts, which are then posted to a ledger or book of final entry. Examples of common accounts include cash, accounts receivable, mortgages, loans, property, plant and equipment, common stock, sales, services, wages and payroll. A chart of accounts provides a listing of all financial accounts used by a particular business, organization or government agency to record, verify and report such financial information through the accounting system.

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    © All Rights Reserved
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    Accounting is a systematic way to record transactions.

    An account(in bookkeeping) refers


    to assets, liabilities, income, expenses, andequity, as represented by individual ledger pages, to
    which changes in value are chronologically recorded with debit and credit entries. These entries,
    referred to as postings, become part of a book of final entry or ledger. Examples of common financial
    accounts are cash,accounts receivable, mortgages, loans, PP&E, common
    stock,sales, services, wages, and payroll.
    A chart of accounts provides a listing of all financial accounts used by particular business,
    organization, or government agency.
    The system of recording, verifying, and reporting such information is called accounting. Practitioners
    of accounting are calledaccountants.

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