Essential Concepts in Business Accounting and Financial Reporting
Classified in Economy
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Business Accounting Fundamentals
Accounts are the financial records of a firm’s transactions.
Accountants are the professionally qualified people who have the responsibility for keeping accurate accounts and for producing the final accounts.
Final accounts are produced at the end of the financial year and give details of the profit or loss made over the year and the worth of the business.
Methods of Making Payment
- Cash: The traditional method of payment which is still widely used for small amounts.
- Cheque: Cheques are not money; they are instructions to a bank to transfer a specified sum in the form of a bank balance to a named person.
- Credit Card: This allows the consumer to obtain goods and services now but to pay for them in the future.
- Debit