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Principles of Accounting Basic Accounting/Bookkeeping
For Alabama Local School Personnel
2016Prepared by:
Learn H. Deal, PhD, CPA, CFM, CIA
Judith A. Kamikaze, PhD, CPA CFM
Edward G. Kamikaze, PhD,
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How to fill out basic accountingbookkeeping
How to fill out basic accountingbookkeeping
01
Gather all financial documents including invoices, receipts, and bank statements.
02
Organize the documents chronologically to make them easier to process.
03
Create a chart of accounts to categorize income and expenses.
04
Record all financial transactions accurately in the accounting software or ledger.
05
Reconcile bank statements with the recorded transactions to ensure accuracy.
06
Prepare financial statements such as profit and loss statement and balance sheet.
07
Review the financial statements regularly to track the financial health of the business.
08
Consult with a professional accountant or bookkeeper if needed.
Who needs basic accountingbookkeeping?
01
Small business owners
02
Entrepreneurs
03
Freelancers
04
Non-profit organizations
05
Individuals managing personal finances
06
Anyone who wants to keep track of their financial transactions
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What is basic accounting/bookkeeping?
Basic accounting/bookkeeping involves recording, summarizing, and analyzing financial transactions to ensure accuracy in financial reporting.
Who is required to file basic accounting/bookkeeping?
Typically, small businesses, freelancers, and self-employed individuals are required to file basic accounting/bookkeeping to comply with tax regulations and maintain financial health.
How to fill out basic accounting/bookkeeping?
To fill out basic accounting/bookkeeping, one should categorize transactions, record them in the appropriate books (like journals or ledgers), and reconcile accounts regularly to ensure accuracy.
What is the purpose of basic accounting/bookkeeping?
The purpose of basic accounting/bookkeeping is to provide an accurate record of financial transactions, which is essential for business planning, tax compliance, and financial analysis.
What information must be reported on basic accounting/bookkeeping?
Information that must be reported includes all income, expenses, assets, liabilities, and equity transactions, along with supporting documentation for each entry.
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