Having an automated accounting system is now considered a must-have for larger companies that deal with thousands of transactions a day, but it’s a relatively well-kept secret when it comes… Finance automation that puts you in charge
What are reversing entries? Are they required by GAAP? "Double entry means that amounts are shown in the journal and ledger." Do you agree? Explain. What does generational accounting focus on? What is the accounting equation? Briefly explain each of its three parts. ...
Blockchain is a populardistributed ledgertechnology used for tracking cryptocurrency transactional data. It's also a valuable tool for creating a tamper-proof record that documents why an ML model made a particular prediction. That's why some companies are using blockchain technology to document thei...
Accrual accounting is the recording of a financial transaction by a firm at the time a sale takes place, not when the money reaches the bank account. This method allows the firm to account for all sales, cash and credit, in that month’s figures, giving a clearer picture of the financial...
Bank transactions and reconciliationsFinance teams work closely with their banks to ensure that every bank transaction is processed correctly. They must also make sure that the bank’s statements match their own records, which are kept in the company’s general ledger and subledgers. The finance ...
What is meant by descriptive statistics? What is the definition of endpoint in geometry? What is the difference between a ledger and a chart of accounts? What is a self-perpetuating cycle? Explain the steps involved in Electron Transport Chain. ...
ERP also ensures that these data fields and attributes roll up to the correct account in the company’s general ledger so that all costs are properly tracked and represented. If the front brake pads were called “front brakes” in one software system (or maybe a set of spreadsheets), “bra...
In essence, it was one of the earliest versions of a public ledger, since the stones didn’t move and only oral records (or later, physical marks by Germans) dictated who owned them. African Beads As another example, trade beads were used in parts of west Africa as money for many ...
Define the accounts receivable ledger. What is it used for? Define income statement. Statements of financial accounting concepts are intended to establish what? There are three main ways to analyze financial statements. What are they? Which financial statement should be prepared first and why? Expla...
Blockchain is an immutable digital ledger that supports secure transactions. It consists of a network of computers that all help record, store and verify data, making it decentralized by nature. Who created blockchain? Bitcoin was mysteriously launched by Satoshi Nakamoto — a pseudonym for a pers...