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Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process.
Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides, known as debit and credit; this is based on the fundamental accounting principle that for every debit, there must be an equal and opposite credit. A transaction in double-entry bookkeeping always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud.
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working papers, and evaluate the propositions in their auditing report.
Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account. Each transaction transfers value from credited accounts to debited accounts. For example, a tenant who writes a rent cheque to a landlord would enter a credit for the bank account on which the cheque is drawn, and a debit in a rent expense account. Similarly, the landlord would enter a credit in the rent income account associated with the tenant and a debit for the bank account where the cheque is deposited.
Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. An accounts payable department's main responsibility is to process and review transactions between the company and its suppliers and to make sure that all outstanding invoices from their suppliers are approved, processed, and paid. The accounts payable process starts with collecting supply requirements from within the organization and seeking quotes from vendors for the items required. Once the deal is negotiated, purchase orders are prepared and sent. The goods delivered are inspected upon arrival and the invoice received is routed for approvals. Processing an invoice includes recording important data from the invoice and inputting it into the company's financial, or bookkeeping, system. After this is accomplished, the invoices must go through the company's respective business process in order to be paid.
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.
A trial balance is an internal financial statement that lists the adjusted closing balances of all the general ledger accounts contained in the ledger of a business as at a specific date. This list will contain the name of each nominal ledger account in the order of liquidity and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the same balance.
Money creation, or money issuance, is the process by which the money supply of a country, or an economic or monetary region, is increased. In most modern economies, money is created by both central banks and commercial banks. Money issued by central banks is a liability, typically called reserve deposits, and is only available for use by central bank account holders, which are generally large commercial banks and foreign central banks. Central banks can increase the quantity of reserve deposits directly, by making loans to account holders, purchasing assets from account holders, or by recording an asset, such as a deferred asset, and directly increasing liabilities. However, the majority of the money supply used by the public for conducting transactions is created by the commercial banking system in the form of commercial bank deposits. Bank loans issued by commercial banks expand the quantity of bank deposits.
The military budget of the United States is the largest portion of the discretionary federal budget allocated to the Department of Defense (DoD), or more broadly, the portion of the budget that goes to any military-related expenditures. The military budget pays the salaries, training, and health care of uniformed and civilian personnel, maintains arms, equipment and facilities, funds operations, and develops and buys new items. The budget funds six branches of the US military: the Army, Navy, Marine Corps, Coast Guard, Air Force, and Space Force.
The Defense Contract Audit Agency (DCAA) is an agency of the United States Department of Defense under the direction of the Under Secretary of Defense (Comptroller). It was established in 1965 to perform all contract audits for the Department of Defense. Previously, the various branches of military service were responsible for their own contract audits. The DCAA's duties include financial and accounting advisory services for the Department of Defense in connection with negotiation, administration and settlement of contracts and subcontracts.
The Defense Finance and Accounting Service (DFAS) is an agency of the United States Department of Defense (DOD), headquartered in Indianapolis, Indiana. The DFAS was established in 1991 under the authority, direction, and control of the Under Secretary of Defense (Comptroller)/Chief Financial Officer to strengthen and reduce costs of financial management and operations within the DOD. The DFAS is responsible for all payments to servicemembers, employees, vendors, and contractors. It provides business intelligence and finance and accounting information to DOD decisionmakers. The DFAS is also responsible for preparing annual financial statements and the consolidation, standardization, and modernization of finance and accounting requirements, functions, processes, operations, and systems for the DOD.
The United States Department of Defense is an executive branch department of the federal government of the United States charged with coordinating and supervising all agencies and functions of the U.S. government directly related to national security and the United States Armed Forces. As of November 2022, the U.S. Department of Defense is the second largest employer in the world—After India; and potentially China, if including the Central Military Commission. With over 1.4 million active-duty service personnel, including soldiers, marines, sailors, airmen, and guardians. The Department of Defense also maintains over 778,000 National Guard and reservists, and over 747,000 civilians bringing the total to over 2.91 million employees. Headquartered at the Pentagon in Arlington County, Virginia, just outside Washington, D.C., the Department of Defense's stated mission is "to provide the military forces needed to deter war and ensure our nation's security".
The Eastern Distribution Center (EDC), located in New Cumberland, Pennsylvania, 3 miles (4.8 km) west of Harrisburg, is home to the largest distribution facility operated by the United States Department of Defense. It is managed by the Defense Logistics Agency (DLA) and is part of the Defense Distribution Depot Susquehanna (DDSP), which includes the operations of the nearby Naval Support Activity (NSA) in Mechanicsburg, Pennsylvania.
The following outline is provided as an overview of and topical guide to accounting:
In accounting, the controlling account is an account in the general ledger for which a corresponding subsidiary ledger has been created. The subsidiary ledger allows for tracking transactions within the controlling account in more detail. Individual transactions are posted both to the controlling account and the corresponding subsidiary ledger, and the totals for both are compared when preparing a trial balance to ensure accuracy.
Scot J. Paltrow is an American journalist. In a career devoted to investigative reporting, Paltrow worked for the Washington bureaus of The Los Angeles Times, The Wall Street Journal, then Reuters global investigative group.
The history of accounting or accountancy can be traced to ancient civilizations.
SpyEye is a malware program that attacks users running Google Chrome, Safari, Opera, Firefox and Internet Explorer on Microsoft Windows operating systems. This malware uses keystroke logging and form grabbing to steal user credentials for malicious use. SpyEye allows hackers to steal money from online bank accounts and initiate transactions even while valid users are logged into their bank account
Lockheed Martin F-35 Lightning II development started in 1995 with the origins of the Joint Strike Fighter program and culminated in the completion of operational testing and start of full-rate production in 2021. The X-35 first flew on 24 October 2000 and the F-35A on 15 December 2006.
Financial close management (FCM) is a recurring process in management accounting by which accounting teams verify and adjust account balances at the end of a designated period in order to produce financial reports representative of the company's true financial position to inform stakeholders such as management, investors, lenders, and regulatory agencies. The process starts with recording transactions as journal entries and end with preparing the financial reports for the period.
References
- ↑ "Senators Press Defense Department to End "Plugging" Numbers -- false numbers mask accounting and control deficiencies". Senator Charles Grassley. June 12, 2014. Retrieved 16 June 2014.
- ↑ "Definitions: P - Management & legal, plug number". Homewyse. Costwyse LLC. n.d. Retrieved 28 July 2016.
- 1 2 "Senators Press Defense Department to End "Plugging" Numbers false numbers mask accounting and control deficiencies". Nebraska City News-Press. Gatehouse Media, Inc. 13 June 2014. Retrieved 17 June 2014.
- ↑ Scot J. Paltrow and Kelly Carr (2 July 2013). "Unaccountable-The high cost of the Pentagon's bad bookkeeping". Reuters . Retrieved 16 June 2014.
- 1 2 Paltrow, Scott (18 November 2013). "Behind the Pentagon's doctored ledgers, a running tally of epic waste". Reuters. Retrieved 17 June 2014.