Accounting

6 Types of Business Activities You Should Know

All businesses are built on various functions in which they are experienced. The actions of companies contribute to the increase in production and the organization’s expansion. Every company sets together various rules and procedures to ensure that these operations operate as efficiently as possible. To ensure that they abide by all the government regulations while still satisfying employees and …

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Does ERP include an Accounting Module?

ERP includes functionalities of the accounting software, plus other functional modules like supply chain, inventory, eCommerce, order processing, customer management, human resources, etc. These modules are integrated with the accounting module and each other. This integration of accounting functions with other modules helps to increase the efficiency of the overall process for business management. It’s …

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Accounting for Written Off Bad Debts: Definition, Example, and Journal Entries

Accounts receivable is an account in the balance sheet that represents the amount customers owe to a company. This account holds all the receivable balances which may come from various customers. For most companies, this account also represents the total credit sales made by a customer with pending payments. Any company that offers a credit …

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10 Most Popular Abbreviations For Chartered Accountants

Careers related to accounting, financial reporting, tax reporting, financial management, etc., are usually high-rewarding and give you a higher average income than other economic professionals. It is one of the reasons why thousands of undergraduate and graduate students pursue the certifications and professional qualifications to join the practice. The Chartered Accountant is the most pursued …

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How to Record Interest Receivable Journal Entry? (Example, Definition and More)

Overview When an organization has an interest-earning bank deposit or another interest-bearing receivable, it should account for any interest receivable at the period’s end by adjusting with a correct journal entry. This is because interest (income) is gained over time. Similarly, the company’s total assets and total revenues on the balance sheet and income statement …

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