The Balance Sheet Accounts
In this hour you will learn about…
- Opening entry
- Net Worth
It is important to know and understand the different types of accounts that are used to record the day-to-day activities of a business. In the last hour, you learned how to set up accounts and files for two very simple business entities. This was a way to ease you into the process, as well as an introduction to the more complex structures of bookkeeping systems that are necessary for larger companies.
You have also reviewed the various types of bank accounts that are used for businesses and personal finances. Remember that the bank account is the center of all bookkeeping systems because it tracks the cash that flows in ...