Accounting Services
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Certainly! Accounting is a crucial aspect of business that involves the systematic recording, analyzing, and reporting of financial transactions. Here are some fundamental concepts related to accounting. This is a foundational principle in accounting where every transaction affects at least two accounts. For every debit entry made, there must be an equal and opposite credit entry.These are key reports summarizing the financial activities of a business. The three main financial statements are the Income Statement, Balance Sheet, and Cash Flow Statement.Shows the company's revenues and expenses over a specific period, resulting in net income or loss.
Presents the company's assets, liabilities, and equity at a specific point in time, providing an overview of its financial position.Tracks the movement of cash in and out of the business, categorizing it into operating, investing, and financing activities.The accounting equation is Assets = Liabilities + Equity. It reflects the fundamental relationship between a company's assets, liabilities, and owner's equity.In double-entry accounting, debits and credits are used to record transactions. Debits increase asset and expense accounts but decrease liability and equity accounts. Credits do the opposite. A chart of accounts is a list of all the accounts used by a business to record its financial transactions. It categorizes accounts based on their nature (e.g., assets, liabilities, equity, income, expenses).
GAAP is a set of standard accounting principles, procedures, and standards used in the United States. It provides a common framework for financial reporting. A CPA is a professional accountant who has passed the Uniform CPA Examination and met additional state-specific education and experience requirements. CPAs often provide auditing, tax, and consulting services.