accounting terminology
TYPES OF ERRORS
Error of Omission The complete omission of a transaction [...]
RESTRICTED MEANING OF SALES AND PURCHASES
Purchases in accounting terms means the purchase of items, [...]
THE DOUBLE ENTRY SYSTEM FOR EXPENSES AND REVENUES. The effect of Profit or Loss on Capital
The buying and selling of goods and services will [...]
THE DOUBLE ENTRY SYSTEM FOR ASSETS AND LIABILITIES
It follows from the above that every transaction effects [...]
THE ACCOUNTING EQUATION
For a firm to operate it needs resources and [...]
