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A chart of accounts ( COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
An employee ownership trust ( EOT) holds a permanent or long-term shareholding in a company on trust for the benefit of all the company's employees. An EOT provides indirect (trust) employee ownership of a company. Among the different forms of employee ownership, the trust model may, in particular, be chosen instead of employees owning shares ...
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [ 1] It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or ...
The fundamental accounting equation, also called the balance sheet equation, is the foundation for the double-entry bookkeeping system and the cornerstone of the entire accounting science. Like any equation, each side will always be equal. In the accounting equation, every transaction will have a debit and credit entry, and the total debits ...
In accounting, goodwill is an intangible asset recognized when a firm is purchased as a going concern. It reflects the premium that the buyer pays in addition to the net value of its other assets. Goodwill is often understood to represent the firm's intrinsic ability to acquire and retain customer business, where that ability is not otherwise ...
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. [ 1][ 2] Each transaction transfers value from credited ...
Transaction processing is designed to maintain a system's Integrity (typically a database or some modern filesystems) in a known, consistent state, by ensuring that interdependent operations on the system are either all completed successfully or all canceled successfully. For example, consider a typical banking transaction that involves moving ...
t. e. Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. [ 1] This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are ...