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Important Topics of Accounting for Essay

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Important Topics of Accounting for Essay

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  1. Important Topics of Accounting for Essay

  2. Account codes • Account Code represents six-digit field applied in classifying activities of finance along with balances in General Ledger. First digit in  account  shows the income statement or balance sheet.

  3. Balance Sheet Reconciliation • Balance Sheet Reconciliation represents a reconciliationin closing balances from different company accounts. It is a portion of balance sheet of a company where the entries have qualified to take closing balances and they are grouped in the right way.

  4. Debit Card and Credit Processing • The Merchant Banks permit the merchants to get the deposits from debit and  credit card payments. There are paymentprocessors where companies process the transactions of credit and debit card. • The payment processors associate with the merchants,  card networks, merchant banks, to create card payments.

  5. Fiscal closing • The  process of fiscal year-end close has been essential to create accounts of general ledger for the financial statement along with the beginning of subsequentaccounting. As the income statement record the activity of the currentyear, they will be chosen. Alternatively, they might be closedfor preparing subsequent accounting period.

  6. Ledger Closing • There is a closingof the general ledger of small business in the last part of period of accounting transferring temporary-account balances in the account of retained earnings. It decreases balances to zero.

  7. Petty cash • Petty cash involves small value of the discretionary funds ascash. They are utilized for the expenditures and they are not sensible to create disbursement in the form of cheque.

  8. Income tax statement • Form W-2 represents the Wage and Tax Statement. It shows employer’s document essential to check every employee along with Internal Revenue Service near the last part of year. There are W-2 reports for the annual wages of employees along with the  taxes stored in paychecks.

  9. Sales Tax • Sales tax represent extra money you have paid using percentage of good’s selling price where they are bought. For instance, as you buy the television for about $400 and stay in that area where 7 percent is the sales tax, you are going to pay a sales tax of $28.

  10. Tax Accounting • Tax accounting represents the subsector in accounting which involves preparations of the tax returns along with  tax payments. The tax accounting involves individuals, corporations and businesses.The tax accounting  is meant for the individual concentrating on the income, donations, deductions, along with any loss or profit in investment.

  11. Sports accounting • Sports accountants have been associated with the duties of accountingin the organization. They are budgets, cash flow management, payrolletc. The difference represents they work on seasonal schedules for teams. They are known as relevant data and carry on duties instantly.

  12. Contact Us • Visit: https://www.dreamassignment.com/accounting-assignment-help • Email: info@dreamassignment.com • Call: +14235002312

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