Basic Accounting for a Small Business: Bookkeeping and Accounting Basics
Snyder
JANUARY 3, 2023
Larger companies tend to use the accrual basis of accounting, meaning that revenues and expenses are recorded at the time of the transaction (when you get a bill or raise an invoice), not at the time when the payments are made. There are 5 major types of accounts and they comprise assets, liabilities, income, expenses, and equity.
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