Books of Accounts and Financial Statements Books of accounts and financial statements are two different concepts in accounting. A books of account refer to the records maintained by a company or business to keep track of its financial transactions. These include records of all the financial transactions made by the business, such as sales… Read More »
Types of Financial Transactions There are various types of financial transactions that can impact a company’s assets, liabilities, and owner’s equity. Here are some examples: 1.Inventory purchase: This transaction increases the company’s assets (inventory) and its liabilities (accounts payable). To visit- https://www.mca.gov.in/ 2.Selling goods on credit: This transaction increases the company’s assets (accounts receivable) and… Read More »
The services offered by bookkeeping firms Bookkeeping Firm: Bookkeeping firms typically offer a range of services related to managing a company’s financial records. Here are some of the services commonly offered: Bookkeeping: This involves maintaining accurate and up-to-date financial records for a company, including recording transactions, reconciling accounts, and producing financial statements. Accounts payable and… Read More »