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Accounting is the process of systematically collecting, interpreting and recording m wiztary information to measure and summarise a line of credence m mavintary performance at a point in time. Implementing an effectual record keeping system will modify a air owner to be up to participation with their purchases/ sales/expenses, monitor quantities of stock and ensure currency is not level(p) up in surplus stock. Creditors people you OWE coin TO Debtors people that owe YOU money. Assets An summation is something of financial take flier that is possess by you/ melody Liability A financial obligation is something of monetary value that is OWEd to another person/ line of credit asunder from taxation, art records are significant because they help the owner screw: How lots profit (or loss) has been make How much is owed to creditors or owed BY debtors The total value of the business assets and liabilities How the business compares with other alike businesses FINANCIAL WORTH The worth of a business is unremarkably dependent on the monetary value of the upstandings assets minus the value of its liabilities NET ASSETS A remuneration asset is the different between the assets and liabilities of a business.

PROPRIETORSHIP (OWNERS EQUITY) proprietary is what the business owes to the owner if all the assets are sold and the liabilities are paying off. BALANCE SHEET A balance sheet is a statement showing the assets and liabilities of a business at a point in time. Despite the changes, the balance on either side is still equal. This is because whatever occurs on one side of the balance sheet impacts th! e other. DRAWINGS Drawings are withdrawals of capital from the business by the owner for private purposes ADDITIONAL CAPITAL extra ceiling refers to the assets the owner contributes to the business in the form of cash or other assets such as a move vehicle. TRANSACTIONS legal proceeding are usually made up of two basic...If you emergency to get a broad(a) essay, order it on our website: OrderEssay.net

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