BASIC ACCOUNTING Definition

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BASIC ACCOUNTING normally includes the areas of Debits and Credits; Accounts; Assets, Liabilities, Equity, Revenue and Expenses; and, an accounting system that offers a method for checking, balancing, and reconciling all accounting related transactions in order to produce accurate pictures of the entities financial health. Profit and Loss Reports, Balance Sheets, and Cash Flow Statements are the end result of compiling all the transactions into meaningful, usable information for individuals and business owners alike.

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ARREARS is an unpaid overdue debt, or the state of being behind in payments, e.g. an account in arrears.

CONTRACT COSTING is mainly associated with civil engineering works, although sometimes also with the manufacture of a major engineering structure over a considerable time (for example, a contract to manufacture a turbine generator).

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