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Basic Accounting Most people probably think of books and records as the same thing, but accounting is really a function of accounting, bookkeeping, while covering a wide range of functions involved in managing the financial affairs of a company. Prepare reports in part on the work of auditors. Accountants engage in all types of maintenance records. Some of them are: Prepare-it is as source documents for all transactions of a business – purchase, sale, transfer, collection and payment. The documents include documents such as purchase orders, invoices, time sheets credit card, business cards, time sheets and expenses. Accountants and include the source of the documents are called the financial effects of transactions and other corporate events. These include the payment of employees, making sales, loans or purchase of goods or raw materials for production. Books also make note of the financial effects into journals and accounts. They are two different things. This journal is the record of transactions in chronological order. The accounting is a separate record, or the page of each asset and liability. A transaction can affect multiple accounts. -Prepare reports books at the end of the period of time specified, such as daily, weekly, monthly, quarterly or annually. To do this, all accounts must be updated. Inventory records must be updated and the reports and double checked to ensure that they are free from errors as possible. The auditors also-complete list of all accounts. This process is called the proper balance. While a small business can have hundreds of accounts, very large firms may have more than 10,000 accounts. -The final step is the book to close the books, which means that all the books in a fiscal year to an end and that is abstract.

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