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Part of a company’s administration that is responsible for preparing the financial statements, maintaining the general ledger, paying bills, billing customers, payroll, cost accounting, financial analysis, and more. The head of the accounting department often has the title of controller. accounting equation.
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors or suppliers for goods and services purchased on credit. It represents a liability on the company's balance sheet until payment.
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific time. It presents the company's assets, liabilities, and shareholders' equity, enabling stakeholders to assess its financial health.
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a specific period. It provides insights into a company's ability to generate cash and meet its financial obligations.
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's value decrease due to wear and tear, obsolescence, or other factors.
Balance Sheet (or Statement of Financial Position) Part of an organisation’s financial statements, the balance sheet lists the assets, liabilities and capital of an organisation as they stand at the end of an accounting period and gives a good indication of the organisation’s solvency. Benefit-in-kind
Accounting: The process of gathering and preparing financial information about a business or other organisation in a form that provides accurate and useful records and enables decisions to be made. Accounting cycle: This covers everything from opening the 'books' at the start of the year to closing them at the end.
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Accounting. Accounting is the act of recording and reporting on the financial transactions in the general ledger. It includes the recording of the origins of a transaction, right through the processing and summarising to the financial statements. Accounts payable. Accounts Payable is an amount of money that is owed by a company to its creditors.
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May 12, 2023 · In accounting, deferred refers to delaying or postponing the recognition of an expense or liability for some time. This can improve the business’s current earnings and reduce taxes. A deferred expense is shown on the balance sheet as a liability, whereas a deferred gain or income is recognized as a future asset.
