Posted inBasics
Posted inBasics
Basic Accounting Data Collection And Recording Terms
Account: This is where you keep a detailed record of each asset, liability, revenue, or expense.…
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What Is The Accounting Cycle?
The accounting cycle is a series of activities that compiles an organization’s transactions at the…
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What is meant by reconciling an account?
Reconciling an account often means proving or documenting that an account balance is correct. For example, we…
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What is included in cash and cash equivalents?
The term cash and cash equivalents includes: currency, coins, checks received but not yet deposited, checking accounts, petty cash,…
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What is principles of accounting?
Three meanings come to mind when you ask about principles of accounting... 1. Principles of Accounting was…
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What is the difference between an implicit cost and an explicit cost?
An implicit cost is a cost that has occurred but it is not initially shown or reported…
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What are prepaid expenses?
Prepaid expenses are future expenses that have been paid in advance. You can think of…
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What are nonmanufacturing overhead costs?
Nonmanufacturing overhead costs are the business expenses that are outside of a company's manufacturing operations.…
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What is the difference between product costs and period costs?
A manufacturer's product costs are the direct materials, direct labor, and manufacturing overhead used in making its products. (Manufacturing overhead…
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What is the meaning of equity?
Equity is used in accounting in several ways. Often the word equity is used when referring to…