Such errors arise when entry in a book or original entry has been made twice and has also been posted twice, are called errors of duplication.
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Book-keeping is the art of recording the transactions on the books of original entry and the ledgers. This work is usually performed
Conservatism which means that the best choice among accounting alternatives is the method that is least likely to overstate assets and net income.
- Manual accounting system
Manual accounting system is a system in which someone performs each of the steps in the accounting cycle by hand.
The federal government grants copyrights which give the owner the exclusive right to reproduce and sell an artistic or published work.
- Cost of goods manufactured
Cost of goods manufactured refers to the total cost of work in process less the cost of the ending work in process inventory.
Charter is a document that creates a corporation. The charter may be an approved copy of the application form, or it may be a separate document containing the same basic data.
Transactions (business transactions) are a business’s economic events recorded by accountants. Transactions may be external or internal.