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.
The accounting cycle, also commonly referred to as accounting process, is a series of procedures in the collection, processing, and communication of financial information.As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information.he accounting cycle, also commonly referred to as accounting process, is a series of procedures in the collection, processing, and communication of financial information.