Category: Bookkeeping

Bonds are debt securities issued by entities such as governments, corporations, or municipalities to raise capital. When you purchase a bond, you are lending money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity. Bonds are often sought after for their predictable income stream and lower …

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The customer can use the credit to offset future purchases or request a refund. This process ensures transparency and accuracy, reflecting what a credit note means — a formal correction to an earlier billing. That’s why many modern businesses rely on smart accounting software to simplify their credit note process. With a tool like Moon …

Continue reading "Mastering Cost Allocation in Accounting: Effective Strategies for Distributing Shared Expenses"

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Then the costs and revenues are compared to find out the profit or loss of the business. If volume of sales of the products is high and the virtual accountant number of transactions of the business is very high, it is impossible to keep all these transactions in the mind of a businessman. By studying …

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In bookkeeping terms, a contra asset account refers to an account which is offset against an asset account. Contra asset account is an important element of income statement the balance sheet or the books of accounts. This is because it tallies two respective debit-credit entry pairs, thereby figuring out the net balance of the asset …

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A contra account is a type of account that is used to offset another account. It is a separate account that is linked to another account, and it is used to reflect the opposite of the balance in that account. Contra accounts help maintain the accuracy of financial records, provide transparency in reporting, and allow …

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