Overview of Accounting

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Overview of Accounting
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What is the basic accounting?

• Some of the basic accounting phrase that you will
  learn consist of expenses,revenues, income
  statement,assets, liabilities,balance sheet, and
  statement of cash flows. You will become usual
  with accounting debits and credits as we display
  you how to record transactions.

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What are the 3 Definition of accounting?

• The three major financial statements originated
  by accounting are the income statement, the
  balance sheet, and the cash flow statement.
  Financial accounting is the recording and
  communication of economic information in
  accordance with Generally Accepted Accounting
  Principles and is mainly for external users.

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What exactly does an accountant do?

• The primary task of accountants, which extends to
  all the others, is to prepare and consider
  financial records. They make sure that records
  are correct and that taxes are paid perfectly and
  on time. Accountants and auditors operate
  overviews of the financial operations of a
  business in order to help it run efficiently.
• For Video Click Here Overview of Accounting

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What are the 4 phases of accounting?

• There are four basic phases of accounting
  summarizing, recording, classifying and
  interpreting financial data. Communication may
  not be formally examined one of the accounting
  phases, but it is a essential step as well.

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What are the 5 basic accounting principles

• The Revenue Principle.
• The Expense Principle.
• The Matching Principle.
• The Cost Principle.
• The Objectivity Principle.

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Is accounting hard?

• One assumption that is generally made about
  accounting is that it will involve very
  challenging math. ... If you are studying
  business, the calculus or statistics classes you
  will have to take will likely be tough than
  accounting.

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