Make Money Starting Bookkeeping for Freelancers

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How to start a bookkeeping to make money for individuals want to quit their jobs and start their careers as an freelancers are as follows: Description of Job • Handle bookkeeping, accounting, and record-keeping services for a small business. • File monthly, quarterly, and annual tax forms, or coordinate with client’s tax accountant or attorney…

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What is Consolidated Financial Statements,Explanation,Definition,Meaning

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Most large corporations in the United States and other industrialized countries own other corporations. Their primary financial statements are consolidated statements, reflecting the total assets, liabilities, owners’ equity, net income, and cash flows of all the corporations in the group. Thus, for example, the consolidated balance sheet of the parent corporation (the corporation that owns…

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What is Cash Flow Statement, Cash Flow Statement Definition and Meaning

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Companies also prepare a third financial statement, the statement of cash flows. Cash flows result from three major groups of activities: (1) operating activities, (2) investing activities, and (3) financing activities. These three categories are illustrated in Table 3. This is very different from an income statement. Cash amounting to $19 was received from the…

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What is Income Statement, Income Statement Definition and Meaning

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The company uses its assets to produce goods and services. Its success depends on whether it is wise or lucky in the assets it chooses to hold and in the ways it uses these assets to produce goods and services. The company’s success is measured by the amount of profit it earns—that is, the growth…

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What is Balance Sheet, Balance Sheet Definition, Explanation and Meaning

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A balance sheet describes the resources that are under a company’s control on a specified date and indicates where these resources have come from. It consists of three major sections: (1) the assets: valuable rights owned by the company; (2) the liabilities: the funds that have been provided by outside lenders and other creditors in…

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What is Accounting, Accounting Defination, Explanation and Meaning

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The systematic development and analysis of information about the economic affairs of an organization. This information may be used in a number of ways: by the organization’s managers to help them plan and control the organization’s operations; by owners and legislative or regulatory bodies to help them appraise the organization’s performance and make decisions as…

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What is Factoring, Factoring Defination, Explanation and Meaning

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In finance, the selling of accounts receivable on a contract basis by the business holding them—in order to obtain cash payment of the accounts before their actual due date—to an agency known as a factor. The factor then assumes full responsibility for credit analysis of new accounts, payments collection, and credit losses. Factoring differs from…

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What is Promissory Notes, Promissory Notes Defination and Meaning

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Short-term credit instrument consisting of a written promise by one person (maker) to pay a specified amount of money to another on demand or at a given future date. Promissory notes are often negotiable and may be secured by the pledge of collateral. Promissory notes were in use in Europe during the Renaissance. The instrument…

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What is Trade Acceptance, Trade Acceptance Defination and Meaning

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Short-term credit instrument consisting of a written order requiring a buyer to pay a specified sum at a given date to the seller, signed by the buyer as an indication of his intention to honour his obligation. Acceptances are used in financing export and import operations and in some domestic transactions involving staple commodities. An…

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