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Accounting Essentials

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Accounting Essentials

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About this activity

Fill in the blanks: accounting basics.

Created by

Natalya Galviz
Natalya Galviz
Colombia

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Accounting Essentials
 

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Accounting EssentialsOnline version

Fill in the blanks: accounting basics.

by Natalya Galviz
1

credits role keeping updates accountant

Accounting plays a crucial in managing a business by track of its assets , liabilities , and equity . An records every transaction in a journal and the ledger , ensuring that and debits are balanced .

2

book stocks and estate

Companies may own , bonds , or real as part of their investment portfolio , these items are valued based on their value .

3

end long term businesses income

Both current and - term assets are considered , as well as short - and long - term debts such as a loan . At the of the fiscal year , prepare a statement that summarizes revenue , expenses , and net .

4

cash a and inventory company

To operate effectively , companies must manage their flow , keeping track of payroll , invoices , the cost of maintaining . When buyers purchase goods , dealer issues an invoice , and the records the sale .

5

business losses distributed

Profits may be to shareholders as dividends , while ( loss ) are carefully analyzed to adjust strategies .

6

obligations financial the accounting

An audit ensures accuracy of records , verifying that accrual principles have been applied correctly and that tax are met .

7

reflect indicate clear

In accounting , the goal is to provide a picture of the company's financial health . Profit and net income the success of operations , while liabilities obligations to creditors .

8

short account or future

A well - managed helps predict performance , whether in - term projects long - term investments .

9

efficiency business with debit

By accurately tracking credit , , and cash flow , a can make informed decisions , improve , and strengthen trust investors , regulators , and stakeholders .

 
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