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The golden rule of accounting states that debits must equal credits in a financial transaction.
The golden rule is a fundamental principle in accounting that ensures the accuracy of financial records.
It helps maintain the balance in the accounting equation: Assets = Liabilities + Equity.
For every debit entry made in an account, there must be an equal credit entry to balance the transaction.
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Intercompany accounting refers to the process of recording financial transactions between different entities within the same parent company.
It involves reconciling accounts between subsidiaries and the parent company
It ensures accurate financial reporting and eliminates double counting of transactions
Examples include intercompany loans, transfers of goods or services, and shared expenses
It requires knowledge of account...
posted on 19 Nov 2020
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