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Once you have chosen a bookkeeping method, you can begin setting up your bookkeeping system. This may include creating a chart of accounts, setting up a system for recording financial transactions, and establishing a process for reconciling bank accounts. If you aren’t sure about what type of system…
It's important for companies to use judgment and legal accounting methods when adjusting any accounts. The answer is yes, as long as it is done ethically and in compliance with accounting standards and regulations. Income smoothing involves strategically adjusting a company's net income to create a more consistent…