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Consolidating Income Statements
Preparing a Profit & Loss Statement
Preparing Financial Statements
How to Conform to International Accounting Standards
How to Prepare a Balance Sheet
Understanding Profit & Loss Accounts
How to Process Accounts Receivable
About Basic Accounting Principles
Calculating Operating Income
How to Calculate Operating Profit Margin
What Are Cash Flow Notes?
About Financial Account Balances
What Is a Financial Analyst?
Checking Out Accounting Careers
What Are Generally Accepted Auditing Standards?
Summary: A financial account balance reflects the amount of transactions that are flowing through an account at any given time. Learn about underlying general ledger accounts that reflect transactions going through with help from a certified public accountant in this free video on financial account balances.
Miranda Chook is a CPA with expertise in international operations. She has held executive positions with both publicly listed and privately held companies. In addition to her finance...read more
"My name is Miranda Chook a CPA. Financial account balances reflect the amount of transactions that are flowing through an account at any given time. Assets, liabilities, equity, income accounts, expense accounts, all have underlying general ledger accounts that reflect the transactions going through them. For example, the general ledger account for cash will reflect increases for payments received from customers and will also reflect decreases for payments to vendors or for paying payroll. Now the balance of that account then at the end of an accounting period or at any time if you have a real time system will then reflect the net cash balance that the company has at that point in time."
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