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 Wysłany: Wto 6:25, 17 Maj 2011 Temat postu: 7 Building Blocks of Accounting Every Accountant M |
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An income is a one-time transaction that gives you money. An example of an income is the wage that an hireling receives by the end of a month. An income account looks something like this:
IncomeSales Revenue from Product for the Month of March$1000Sales Revenue from Services Provided for the Month of March$500Rent Collected from Tenant for the Month of March$300
An disbursement is a one-time transaction that takes money away from you. An instance of an expense namely purchasing a loaf of bread from the store. An expenses account looks something like this:
Income and Expenses
An things is simply anything of worth that you own. So, what constitutes amount? Something is of value when it can be commuted for money,[link widoczny dla zalogowanych], or when it can produce money alternatively contribute in some course apt earnings. Something is too of value when it can prevent you from losing money.
ExpensesPayment of Utility Bills for the Month of March$200Employee Wages for the Month of March$600Purchase of New Machinery$800Assets and Liabilities
These are the basic terms that one ought become familiar with in accounting:
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Understanding the basic terms in accounting will make it many easier to grasp more advanced accounting concepts,[link widoczny dla zalogowanych], because anything revolves around these 7 mansion blocks of accounting.
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Understanding the basic establishing blocks in accounting will make it many easier to grip extra perfected accounting notions.
For example, your house is an asset and so is your automobile, because either of these can be exchanged (just aboutld) for money. The machinery in a newspaper enterprise is an asset for they produce newspapers that can be sold for money. The loan that you take from a bank is the bank's asset for the bank ambition earn an amuse from you. A patent on your fashionable invention is an asset because it can prevent your antagonists from copying your ideas, accordingly guiding to potential income detriment.
IncomeExpensesAssetsLiabilitiesOwner's EquityDebitCredit
In other word
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