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Double Entry Bookkeeping
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Learn Bookkeeping and Accounting Online For Free
Learn Bookkeeping and Accounting Online For Free

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The cash book in accounting is classified as both a journal, in that it is a book of prime entry, and a subsidiary ledger as it records debits and credits. The cashbook has many different forms including single column, double column, and triple column formats.
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The bookkeeping journal is a chronological list of accounting transactions. The journal is normally sub-divided into a number of special journals for posting similar types of transactions, and a general journal.
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When a business has only a small number of accounting transactions then the double entry bookkeeping postings can all be maintained in a single ledger.

As the business expands the number of transactions and accounting staff increases and it becomes impractical to maintain one ledger due to its large size, and the problems of access to the ledger by multiple staff.

The solution is to sub-divide the ledger by accounting function into sales, purchase, cash book, and general ledgers.
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A compound journal entry is one which involves more than two accounts and therefore includes at least two debit or two credit entries.
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Capital receipts are those which are normally non-recurring and either increase a liability account or decrease an asset account. Revenue receipts are usually recurring and are part of the normal trading operations of the business, such as the sale of goods and services.
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This tutorial explains the normal costing system and the main differences it has to an actual costing system and a standard costing system.
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The four main financial statements are the income statement, statement of retained earnings, balance sheet, and cash flow statement. All four statements are interrelated and allow the user to more fully understand the financial performance of the business through the analysis of its financial statements.
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Test your knowledge of bookkeeping with our online accounting debits and credits quiz.
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Internal controls for accounts receivable are used to reduce the risk of fraud and error in the accounts receivable process. The purpose of the accounts receivable internal control checklist is to ensure that valid sales invoices are properly recorded and that customers pay promptly.
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Internal controls for accounts payable are used to reduce the risk of fraud and error in the accounts payable process. The purpose of the internal controls is to ensure that only valid supplier invoices are paid.
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