You would record this transaction into the accounting equation by: increasing cash and decreasing accounts receivable
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What is accounting?</h3>
Accounting refers to the process of keeping track of a company's financial transactions. Summarizing, analyzing, and reporting these transactions to oversight organizations, regulatory bodies, and tax collection organizations are all parts of the accounting process.
The financial statements that are used in accounting provide a succinct overview of all financial transactions that took place during a given accounting period, including information on a company's operations, financial situation, and cash flows.
One of the essential duties in practically any firm is accounting. In a small business, it might be handled by a bookkeeper or an accountant; in larger corporations, it might be handled by vast financial departments with dozens of staff members.
Management may greatly benefit from the data produced by different streams of accounting, including cost accounting and managerial accounting, in order to make wise company decisions.
Learn more about accounting
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