<span>When a company is using double-entry accounting, the elements of a given ledger that must be equal are the debit and the credit. They should reflect the balance of the books. There should be an equal amount in the debit column and in the credit column.</span>
Answer:
B. Evaluate your financial health. Record all expenses for a month to compare income and expenses.
D. Define your financial goals. Pay off credit card(s) by the end of this school term.
A. Develop a plan of action. Develop a budget matching income and projected expenses for the remainder of this academic year.
E. Implement the plan. Reduce expenses in problem areas so amounts do not exceed budgeted projections.
C. Review progress on the plan, reevaluate the plan, and revise the plan or start over with a new one. Based on this year, develop a revised budget for next year based on projected income and expenses.
Explanation:
The five basic steps of financial planning are evaluate, define, develop, implement, and review, or EDDIR for short. It basically by knowing your current position and defining how you want to be in the future. Then you must develop a plan and try to implement that plan. After some prudent time, you should go back and review if the plan was successful or not.
Answer:
The answer would be,
Explanation:
Voucher: They help record expenses and also help with your payment. They can also be defined as source documents that help identify the origin of a transaction.
Example: cash memos, pay-in-slips.
