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The difference between the general ledger and trial balance

Accounting Tools

What is a General Ledger? A general ledger is the master set of accounts that summarize all transactions occurring within an entity. The general ledger is comprised of all the individual accounts needed to record the assets , liabilities , equity , revenue , expense , gain , and loss transactions of a business.

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Financial accounting basics

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basics of Financial Accounting? This article gives an overview of financial accounting basics for the non-accountant. Its orientation is toward recording financial information about a business.

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What is accountancy?

Accounting Tools

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization. The key accountancy tasks are noted below.

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What is an accountant?

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

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The accounting cycle definition

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accounting Cycle? The accounting cycle is the actions taken to identify and record an entity's transactions. These transactions are then aggregated at the end of each reporting period into financial statements.

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Journal entry definition

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Journal Entry? A journal entry is used to record a business transaction in the accounting records of a business. The general ledger is then used to create financial statements for the business.

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Managing Real Estate Assets: 5 Best Practices in Accounting and Reporting

Outsourced Bookeeping

According to industry experts, following the best practices of accounting and reporting practices not only contributes to strategic decision-making but also protects the financial health of your real estate business. We have listed down the best practices in accounting and reporting for you.