MANAGEMENT

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

Detailed explanation-2: -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-3: -The types of accounts you use depend on the accounting method you select for your business. You can choose between cash-basis, modified cash-basis, and accrual accounting. If you use cash-basis accounting, do not use liability accounts like accounts payable and long-term liabilities.