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Financial
What is the first step in bookkeeping?
The first step in the accounting cycle is to identify and record transactions through subsidiary ledgers (journals). When financial activities or business events occur, transactions…
Financial
What are the three main activities of bookkeeping?
Bookkeeping is the process of recording, classifying, and summarizing financial performance and transactions to provide information that is useful in making business decisions. The three…
Financial
What is the basic rule of bookkeeping?
These three golden rules of accounting: debit the receiver and credit the giver; debit what comes in and credit what goes out; and debit expenses…