Book-keeping is the art of recording the transactions on the books of original entry and the ledgers. This work is usually performed by junior clerks who are sometimes called book-keepers of accounts clerks. This work is more or less of mechanical nature and does not require any specialized knowledge of the principles of accountancy. The work of such clerks is supervised by a man who is called an Accountant.
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- Inventory Systems
A merchandising company keeps track of its inventory to determine what is available for sales and what has been sold. Companies use one of two systems to account for inventory...
- Managerial accounting
Managerial accounting also called management accounting, is a field of accounting that provides economic and financial information for managers and other internal users.
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- Correcting entries
Correcting entries refer to entries to correct errors made in recording transactions. Unfortunately, errors may occur in the recording process.
- Aging the accounts receivable
Aging the accounts receivable refers to the analysis of customer balances by length of time they have been unpaid.
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Overhead controllable variance is the difference between normal capacity hours and standard hours allowed times the fixed overhead rate.
- Errors of principles
Errors of principles refers such errors arise when the entries are not recorded according to the fundamental principles of accountancy,