Q 1. What Accounting Terms you should know?

Ans. Here are some common accounting terms that you should be aware of:

Assets- Assets refer to the tangible or non-tangible property that helps in adding value to your business. There are current assets and fixed assets; current assets refer to the assets that can be converted into cash within one year whereas fixed assets refer to the assets that cannot be converted quickly into cash.

Liabilities-Liabilities refer to the money that you owe. There can be short-term liabilities and long-term liabilities, short term liabilities refer to the ones that are due within one year whereas long-term liabilities refer to the ones that are not due within one year.

Q2. Who is an Accountant?

Ans. An accountant is a professional who is adept in performing accounting work, be it recording business transactions, issuing financial statements, issuing an invoice to the customer, and the list goes on. An accountant works under the supervision of a CPA (Certified Public Accountant), auditor, or any other management accountant

Q3. How to maintain accounting accuracy?

Ans. There are some ways that can help you in maintaining accounting accuracy. Let’s take a look:

• You need to identify revenue streams to maintain accounting accuracy.
• You need to keep a track of invoices and receipts
• Preparing tax returns is a good way to avoid penalties
• Preparing financial statements is another way to maintain accounting accuracy.
• You should always keep an eye on the deductible expenses.