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The income statement is developed by using revenue from sales and other sources, expenses, and costs. In bookkeeping, each financial transaction in the accounting journal that falls into one of these three categories.
One of the first decisions as a new business owner you must make when setting up your bookkeeping system is whether to use a cash or accrual accounting system
Bookkeeping is the process of recording all financial transactions made by a business. Bookkeepers are responsible for recording, classifying and organizing every financial transaction that is made through the course of business operations.
