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Financial transactions are recorded in general ledgers, often called books of original entry. Double-entry bookkeeping is used in this journal, Visit now.

Checkout the different types of specialized journals and also know when to use a specialized or general ledger. Click the link below for more information.

Financial statements are reviewed to be certain that all information is accurate, Checkout the top features of bank reconciliation in accounting now.

The balances of a subsidiary ledger are summarized in a control account, a sort of general ledger. Check out the role of control accounts in accounting.

“Inventory” refers to products that a firm wants to sell and are raw/in-process/finished. Read to know about the types of inventory accounting methods.

There are a number of ways to price inventory when calculating the cost of goods sold. Learn more about the three methods of accounting inventory click now.

To keep a business from becoming insolvent in the future, cash flow forecasting is done. To learn more about cash flow and its features, Click the link now

Internal control is the process of reducing risk within an organization and creating uniform procedures for all goals. Click here to read more.

Petty cash involves expending small amounts of cash for small owed amounts where it would not be prudent to write a check. Click to know more about it here.

A per diem is cash provided by a firm to an employee to cover living costs while traveling, such as lodging, meals, and gas. Learn more about Per Diem now.

In order to assess the financial health of the firm, it is crucial to take an inventory of the physical inventory. Here in the Inventory estimates for 2023

Lower of cost or market is designed to take into consideration the possibility of inventory value losses due to price decreases or old goods. Click to read