Accounting / July 19, 2018 / Khloe Santiago
Comparing transactions and balances is important because it avoids overdrafts on cash accounts, catches fraudulent or overcharged credit card transactions, explains timing differences, and highlights other negative activity such as stolen or incorrectly recorded income and expense entries.
A tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year is called a fixed asset. Fixed assets are items like furniture, computer equipment, equipment, and real estate.
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