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.
More from this Section
- Post-closing trial balance
The post-closing trial balance is a list of permanent accounts and their balances after a company has journalized and posted of closing entries.
- Administrative expenses
Administrative expenses (sometimes called general expenses) are those expenses which are related to general operating activities such as personnel management, accounting...
- Trademark /Trade names
A trademark or trade name is a word, phrase, jingle, or symbol that identifies a particular enterprise or product.
- Equivalent units of production
Equivalent units of production measure the work done during the period, expressed in fully completed units. This concept is used to determine the cost per unit of completed product.
- Tax Rule
A tax rule, often referred to as the LIFO conformity rule, requires that if companies use LIFO for tax purposes they must also use it for financial reporting purposes.
- Cash dividend
A cash dividend is a pro rate distribution of cash to stockholders. For a corporation to pay a cash dividend, it must have:
- Financial Accounting Standards Board (FASB)
Financial Accounting Standards Board (FASB) is the organization that interprets and modifies GAAP in the United States.