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The Profit and Loss Account is a financial statement that summarizes a company's revenues, expenses, and net income over a specific period. It provides valuable insights into a company's financial performance by…

In accounting, a journal refers to a chronological record or log where all financial transactions of a business are initially recorded in order of occurrence. The journal serves as the first step…

The balance sheet summarizes a company's financial status at a specific point in time, usually at the end of an accounting period. It presents a summary of a company's assets, liabilities, and…

The first step in the accounting cycle is to analyze and record transactions in the company's accounting records. This step involves identifying and documenting all financial transactions that occur during a specific…

The accounting cycle is a series of steps that businesses follow to record, analyze, and report their financial transactions accurately. While specific processes may vary depending on the organization's size, industry, and…

Preparing financial statements involves several steps to aggregate and analyze the financial data recorded in a company's accounting records. The primary financial statements include the Income Statement (Profit and Loss Statement), Balance…

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It involves keeping track of all the money that flows in and out of the…