Accounting and book keeping services in UAE

 

In bookkeeping, there are 5 different types of accounts. Accounting and book keeping services in UAE These are assets, liabilities, revenue, expenses, and equity. Assets are all the resources and cash owned by the company, such as inventory. Liabilities are the debts and obligations owed by the company. Revenue is the money the business takes in. Expenses are cash from the company to pay for items, such as salaries and utilities. Equity is the remaining value after liabilities. Bookkeeping and accounting are two functions which are extremely important for every business organization. In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Bookkeeping and accounting may appear to be the same profession to an untrained eye.

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