What is a purchase ? Tell me about purachase entry? Tell me abot prepaid expenses? Tell me about outstanding expenses? Tell me about bank reconciliation?

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A purchase is the acquisition of goods or services in exchange for money or other valuable consideration.

Purchase entry involves recording the details of a purchase transaction in the accounting system, including the date, amount, vendor, and any applicable taxes.
Prepaid expenses are expenses that have been paid in advance but have not yet been incurred. They are recorded as assets on the balance sheet until they are used up.
Outstanding expenses are expenses that have been incurred but not yet paid. They are recorded as liabilities on the balance sheet until they are settled.
Bank reconciliation is the process of comparing the balances in a company's accounting records to the balances shown on the bank statement to ensure they match.

What is a purchase ? Tell me about purachase entry? Tell me abot prepaid expenses? Tell me about outstanding expenses? Tell me about bank reconciliation?

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