A DBA can be highly beneficial for business marketing, but setting up bank accounts in the name of a DBA rather than in the legal name of the individual or entity that owns the business can be complex and require documentation proving that you have a right to use the business name.
Most businesses use double entry accounting, a system in which every financial event causes two transactions, a debit in one account and an equal offsetting credit in another account. When a company establishes an accounting system, it must choose to use either a single entry system or a double entry system.
Explain the meaning of accounting. 2. Identify the users and uses of accounting. 3. Understand why ethics is a fundamental business concept. 4. Explain the meaning of generally accepted accounting principles and the cost principle. 5. Explain the meaning of the monetary unit assumption and the economic entity assumption.