What is accounting cycle ? How th accounting transactions go by through assorted books of accounts past they?
Answers:
You didn't complete your sound out, this why you didn't catch any answers. You hold a P/L statement, (Revenue - Expenses = Gross Profit) during some term of time. And we enjoy Balance Sheet statement ( Assets - Liability = Owner Equity) during the life span of business, shoeing accounts near balance So adjectives the transaction record one part of the pack contained by P/L and another quantity will emulate Balance Sheet. I hope this will give a hand! Good Luck!