Ownership of a business is one of the first decisions an entrepreneur has to make. They have to decide if it will be shared or solely owned. In this lesson we look at the advantages and disadvantages of soles traders who own a business on their own.
Up Next in Term 2
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ACCOUNTING CYCLE & ACCOUNTING EQUATION
Gain all the in-depth knowledge of the steps of the accounting cycle which include transactions. source documents, journals, general ledger, trial balance and financial statements.
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Cash journals
We are tackling your understanding of the cash journals of a service business. Cash journals are necessary so we can accurately record information that we see on the cash documents into the records of the business.
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Entering the cash transactions in the...
Cash Receipts Journals summaries all business receipts and cash slips issued. We look at the terms that identify whether a transaction needs to be recorded in the CRJ.
