Download All About Forex Market In Usa by Sam Y Cross PDF

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Equity: The net worth of your business. This can include only accounts of type Equity. 3. Expenses: Costs incurred in running your business. This can include only accounts of type Expense. [ 23 ] Chapter 1 Placeholder account A GnuCash placeholder account is a special type of parent account that can contain only sub-accounts but no transactions. It is convenient for grouping similar accounts under a common account, but it cannot have any transactions itself. For example, you can have a placeholder account Professional Fees with two sub-accounts under that, namely, Accounting Fees and Legal Fees.

A. Bank b. A/Receivable c. Debit Card d. Asset e. Cash 2. Which of the following are common top level accounts? a. Asset, Liability, Equity, Expenses and Income b. Asset, Liability, Cash, Expenses and Income c. Asset, Liability, Equity, Expenses and Bank d. Asset, Credit Card, Equity, Expenses and Income [ 25 ] Chapter 1 Summary We learned a lot in this chapter about how to set up the accounts needed for a small business. Specifically, we covered: ‹‹ Installing GnuCash on a Windows PC: We walked through the steps involved in downloading and installing GnuCash on a PC running Windows 7, Vista, or XP.

It is convenient for grouping similar accounts under a common account, but it cannot have any transactions itself. For example, you can have a placeholder account Professional Fees with two sub-accounts under that, namely, Accounting Fees and Legal Fees. Opening balance If you are just starting your business, life is simple. Well, that didn't come out right. Abandoning the safety and comfort of a regular pay check can feel like leaving on a one-way trip to Mars. But, from the very narrow point of view of figuring opening balances, you are starting with a clean slate.

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