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Showing posts with label essential bookkeeping. Show all posts
Showing posts with label essential bookkeeping. Show all posts

Monday, July 13, 2015

Essential Accounting Principles

Basic accounting cycleOriginally posted by Peter Baskerville
Accounting has been characterised as, by Professor of Accounting at the University of Michigan William A Paton as having one essential function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties."