MANAGEMENT

Detailed explanation-1: -Accounting records generally come in two forms: single entry and double entry.

Detailed explanation-2: -The two main accounting methods are cash accounting and accrual accounting. Cash accounting records revenues and expenses when they are received and paid. Accrual accounting records revenues and expenses when they occur. Generally accepted accounting principles (GAAP) requires accrual accounting.

Detailed explanation-3: -There are two primary methods of accounting-cash method and accrual method. The alternative bookkeeping method is a modified accrual method, which is a combination of the two primary methods. Cash method-income is recorded when it is received, and expenses are recorded when they are paid.

Detailed explanation-4: -Small business accounting typically involves three key reports: the balance sheet, income statement, and cash flow statement.

Detailed explanation-5: -The two main types of the books of accounts are journal and ledger.