Stop getting confused, this guide will help you with basic aspects of accounting without becoming an accountant.

Accounting systems have evolved into different branches as per the requirements of use in trade, business, commerce, and industry. While accounting systems have countless benefits and advantages to the business the financial accounting system may not truly portray the exact situation of the business due to many shortcomings.

Accounting has become a very important business activity, whether small or large, in the current competitive climate. It is mainly an accounting task to help an individual or company keep an accurate record of the entire financial portion. Each individual or company therefore needs to have a record of all financial transactions they regularly do.

This guide is fully researched and written to cover a wider scope of this topic as you’ll likely come across highly informative sections such as:

• The Basics of Accounting and Personal Finance
• Simple and Double Entry Accounting Process
• Cash Basis versus Accrual Basis Accounting
• Finance and Management Accounting and How Do They Differ
• Account Reconciliation Practices
• Rectification of Accounting Errors
• Setting Up Your Chart of Accounts
• Public vs Private Accounting
• Roles of Accountants to Individuals and Businesses
• And lots more…

You can easily and comfortably practice accounts at home and study accounting by listening to this great guide if you want to have a more comprehensive accounting understanding.

Since the purpose of accounting is to records, summarize, and provide financial data about the business to different users of such data, it is necessary to have certain means to achieve that purpose. One of the means is called account and this is one of the most important accounting terms. Let us explore its essence and practical necessity.

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