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blockchain in accounting pdf

blockchain in accounting pdf

July 19, 2024

Hey there! Aimee here from Miles Education, and before getting started, I have a question for you!

Let me know which statement holds true for you:

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🤝Connect with Top US Firms: Network with miles alumni and gain insight on how to land at top profile jobs.

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Don't let this chance slip through your fingers!

Blockchain enhances transparency, security, and efficiency in accounting and finance. Firms like EY use Polygon and Ethereum smart contracts to tackle integration issues. Future benefits include better compliance, fraud prevention, cost reduction, and improved collaboration.

Here is a guide curated specially for you so you know all that there is to know!

A little prerequisite before you start:

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How well did you perform last week?

And here is the quiz for today.

The bakery purchased 100 pounds of flour for $200 on July 1st. They used 75 pounds throughout the month for baking. How much flour inventory should be reported on the July 31st balance sheet?

A customer ordered a custom cake for $150 on July 25th, with a pick-up date of August 1st. The bakery has already started preparing the cake. How should this transaction be recorded in July's accounting records?

The bakery pays its employees a monthly salary of $5,000 on the last day of each month. In July, the employees worked 20 days. Should the entire $5,000 be recorded as an expense in July?