Keyword Analysis & Research: accountant definition quizlet

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What are the basic accounting terms?

The basic accounting terms Assets means anything valuable possessed by a firm with the following three features qualifies as assets. Amortization: The intangible assets whose property right is obtained for the specific period of time diminish in value with the passage of time this called as amortization.

What are the terms of accounting?

Accounting Terms. Accounts Receivable - Assets of a business and represent money owed to a business by others. Accrual Accounting - Records financial transactions when they occur rather than when cash changes hands. For example, when goods are received without payment, an Accounts Payable is recorded.

What is the definition of accounting?

The definition of accounting is the process of systematically recording and managing financial accounts.

What is bookkeeping, and why is it important?

Bookkeeping is important in any business because it is where the relevant financial data are recorded and kept. Bookkeeping ensures that all business transactions are accurately and completely recorded in the accounting books.

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