explain in detail the conversion method with example?
Answers
Answer:
The conversion method is the process of converting a business's accounting from single-entry to double-entry. New small businesses often use single-entry bookkeeping as a quick and simple way to record their income and expenses. Single-entry bookkeeping only uses three accounts: bank, cash and personal.
Answer:
Conservation Method:-
The conversion method involves converting your accounting from a single-entry system to a double-entry system. Small businesses usually start out by using single-entry bookkeeping. This method is a simpler way to track their income and expenses. ... Two separate bank accounts also need to be opened for expenses and income.
Explanation:
How to use it;
The conversion method is the process of converting a business's accounting from single-entry to double-entry. New small businesses often use single-entry bookkeeping as a quick and simple way to record their income and expenses. Single-entry bookkeeping only uses three accounts: bank, cash and personal.
Examples;
conversion factor is a number used to change one set of units to another, by multiplying or dividing. ... For example, to convert inches to feet, the appropriate conversion value is 12 inches equal 1 foot. To convert minutes to hours, the appropriate conversion value is 60 minutes equal 1 hour.