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Section 3

The Accounting Process

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Boundless Business
Business
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The Accounting Equation

The accounting equation is a general rule used in business transactions where the sum of liabilities and owners' equity equals assets.

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Double-Entry Bookkeeping

A double-entry bookkeeping system requires that every transaction be recorded in at least two different nominal ledger accounts.

The Accounting Cycle

The accounting cycle includes analysis of transactions, transferring journal entries into a general ledger, revenue, and expense closed.

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