Let’s break down what an “account” means in business and accounting. Imagine a company has many different things it owns, and different things it owes to others. To keep track of all of these, we use “accounts”. An account is like a special page or folder in a book (called …
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Accounting students and business owners will be familiar with the different types of transactions that generate receipts, invoices, credit notes, bills, vouchers and emails. These documents prove business activities have taken place and they fall under 4 types of transactions: 4 Types of transactions 1. Cash transactions These are divided into …
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