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Accounting process of systematically collecting analyzing and reporting financial informationPrivate accountant employed by a organizationPrivate Accountants provide the following servicesGeneral accounting recording business transactions and preparing financial statementsBudgeting Develop budgets for sales and operating expensesCost Accounting Determining the cost of producing specific products or servicesTax Accounting Planning tax strategy and preparing tax returns for the firmPublic Accountant an accountant whose services may be hired on a fee basis by individuals or firmsChartered accountant CA or Certified general accountant CGA Certified management accountant CMA an individual who has met requirements for accounting education and experience and has passed a set of accounting examinations from their respective professional organizationAssets the resources that the firm ownsLiabilities firms debts and obligation- what it owes to othersOwners Equity the difference between a firms assets and its liabilitiesAccounting Equation the basis for the accounting process assets liabilities owners equityRevenues dollar amounts received by a firmExpenses the costs incurred in operating a businessDouble-entry book-keeping a system in which each financial transaction is recorded as two separate accounting entries to maintain the balance shown in the accounting equationGeneral journal a book of original entry in which typical transactions are recorded in order of their occurrenceGeneral Ledger book of accounts containing a separate sheet or section for each accountPosting process of transferring journal entries to the general ledgerTrial Balance a summary of the balances of all general ledger accounts at the end of the accounting periodBalance Sheet summary of the dollar amounts for a firms assets liabilities and owners equity accounts at a particular timeLiquidity the ease which an asset can be converted into cashCurrent assets cash and other assets can be converted into cash or that will be used in a year or lessPrepaid expenses assets that have been paid for in advance but not been usedFixed assets assets that will be held or used for a period longer than one yearDepreciation process of apportioning the cost of a fixed asset
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