Accounting can be done on a cash basis (cash accounting

May 19th, 2015
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Accounting is the process of systematically recording, measuring, and communicating information about financial transactions.

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Accountingis the process of systematically recording, measuring, and communicating information about financial transactions.How It Works/Example:At the heart ofaccountingis the double-entry bookkeeping method. This involves making at least two recording entries for every transaction: a debit in one account and a credit in another account. The method helps prevent errors because the sum of the debits should equal the sum of the credits. The three majorfinancial statementsproduced by accounting are theincome statement, thebalance sheet, and thecash flow statement.Accoun

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