Cost accounting ppt pdf doc format3/11/2024 ![]() ![]() Examples are accounts payable and loans payable.Įquity. These are obligations of the business, to be paid at a later date. Examples are accounts receivable and inventory. These are items purchased or acquired, but not immediately consumed. Accounts fall into the following classifications:Īssets. This means setting up accounts in which financial information is stored. System of Record Keepingįirst, there must be a rational approach to record keeping. The following discussion of accounting basics is needed to give you a firm grounding from which to understand how an accounting system works and how it is used to generate financial reports. The resulting information is an essential feedback loop for management, so that they can see how well a business is performing against expectations. ![]() Accounting is the practice of recording and reporting on business transactions.
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