Lecture
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Adjusting entries correct financial records at the end of an accounting period, and they can ensure accurate financial statements. Common adjustments include accruals for unrecorded income or expenses, prepayments for future periods, depreciation for fixed assets, inventory changes, bad debts, tax liabilities, and capitalization of expenditures.
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A debit balance refers to the total amount owed by an individual or company in a financial account. The debit balance is calculated by adding up all the debits in an account and subtracting the credits. This means that more money has been spent or withdrawn than has been deposited or added to the account.
On the other hand, a credit balance refers to the amount of money available in an account after all debits have been subtracted from the total credits. This indicates that more money has been deposited or added to the account than has been spent or withdrawn. A credit balance might also refer to a positive account balance or a surplus in a financial account.
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Knowing the four categories of accounts – assets, liabilities, expenses, and income – is crucial in accounting. These categories help track financial transactions and prepare accurate financial statements. Assets are resources that will provide future benefits, liabilities are debts or obligations to pay, expenses are business costs, and income is revenue from sales. It is important to understand these categories for informative financial reports that aid in business decisions.
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Personal branding is developing and marketing oneself by identifying unique values and communicating strengths to differentiate from others. It builds trust and credibility, enhances career opportunities, and requires consistent effort through social media platforms, personal websites, blogs, and networking events. It pays off in the long run by opening doors to new opportunities and enhancing career success.
To learn more you are requested to attend our class.