Important aspects Yamileth Arauz

What does a company need to have a good development?

(Take in account the following aspects)

Accounting Area

CPA Certified Public Accounting

1.    Bookkeeping

2.    Accountants

3.    Auditors

4.    Controllers

5.    Executive officer (manager)

Accounting Books

1.    Journal: A recorded of all the transactions in double entry bookkeeping.

2.    Ledger: All transactions transferred from the journal. Using the T account. Double entry.

3.    Balance sheet: It shows the assets and liabilities of a company.

4.    Trial balance: It is a test to see if all the transactions are ok. Debits should equal the credits.

Basic Formula

Assets = liabilities + owner`s equity

ASSETS

DEBIT                    DR	CREDIT                     CR
Assets increase +	Assets decrease -

LIABILITIES AND OWNER`S EQUITY

DEBIT	CREDIT
DECREASE -	INCREASE +

In owner`s equity

(Expenses and income affect it)

Expenses		Income
Debit Increase +	Credit Decrease -	Debit Decrease -	Credit Increase +