BALANCE FORWARD ACCOUNTING Definition

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BALANCE FORWARD ACCOUNTING is where you maintain a list of charges and payments for each account. To find out the balance at any point in time, you add the charges, add the payments, and then subtract total payments from total charges. A billing statement is sent out every month with any balance carried forward from the previous statement

Learn new Accounting Terms

FEE ACCOUNTANT is an individual who performs manual or automated bookkeeping services and/or maintains the official accounting records.

AUDIT FAILURE is an instance where the auditor said that the financial statements were fairly stated when in fact, they were not.

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