What is the field “Folio” in an accounting book for?
It's used as a reference column:  In journals folio coloumn is used to mention the reference or   “address” of ledger in which the journal entry has been posted thus   giving an easy access and also easily understanding whether all the   entries has been posted in the relevant accounts or not.
What are you complaining about?  Do you want ILLEGAL alien workers to work as slaves for less-than-minimum pay to pick the crops?  That the USA does not issue temporary visas for migrant workers to come in fields?  That farmers do not pay enough for people to work in the fields, except slave migrants?  That Americans rather be on welfare than work in the fields?  That the welfare system pays able-bodied people too lazy to work in the fields?  What exactly do you propose to do? Strictly speaking the terms arise from double entry book keeping terminology, and don't exactly relate to their common English usage, which is part of the confusion. All double entry book keeping operations consist of a (debit, credit) tuple performed on two different books (ledgers).  The actual arithmetic operation performed by a debit or a credit depends on the book keeping classification of the ledger it is performed on. Liability accounts behave the way you would expect - a debit is subtraction, and a credit is addition. Asset accounts are the other way around, a debit is an addition, and a credit is a subtraction.  The confusion when dealing with banks, partly comes from this classification, since while your deposit account is your asset, it is the bank's liability. So when you deposit 100 cash at the bank, it will perform the operation (debit cash account (an asset), credit deposit account). Each ledger account will have 100 added to it. Similarly when you withdraw cash, the operation is (credit cash, debit deposit). However the operation that your accountant will perform on your own books, is the opposite, since the cash was your asset, and now the deposit account is. For those studying math, it may also help to know that double entry book keeping is one of the earliest known examples of a single error detection/correction algorithm. "My opinion - this subreddit should be about discussing the industry. This venue should be for those already established in the field - those able and willing to contribute insightful perspectives and notions to the group. We should have dialogues on current events, case studies on previous events, how we were involved in said happenings, what our perspectives were etc. Even a place to share and critique write-ups on investment ideas.   For those that are ""dying to get into the field""..  For 90% of us, I can assure you, we were there. I sure as hell know I was. Finance, or at least investment banking, trading, etc. is one of, if not the most, competitive fields to enter into directly out of college. All of us had a lot of questions. All of us were worried and anxious. Those that succeeded, however, didn't spend time asking anonymous people on the internet if they had a shot. They went out, worked their asses off and did what they needed to do.  I'm 6 months into a full time investment banking gig in one of the most prestigious groups at perhaps the most highly regarded investment bank in the world. There isn't a day that goes by that I don't wonder how in the fucking fuck I got to be where I am at. But this shouldn't be the place to discuss it. There's so many other venues - r/financialcareers, wallstreetoasis, etc -  that cater to such concerns.   Though I don't post much (partly a side affect of working 120 hours a week) Reddit needs a place to discuss the happenings of the financial world. There are a lot of redditors that work in finance. The problem, however, is that there really isn't a place to discuss the field. At least for me, I tend to only visit the subreddit every now and then because I know it will be convoluted with career questions.  Make this subreddit a subreddit about what's happening in finance. Redirect posts about financial careers to the appropriate forum. It's that simple." "standard NFC-for-payments ... reads a straight copy of the card details ... does not generate any one-time-use card number ... does not employ any over-the-air encryption or even a challenge-response system [?] The normal contactless payment process does involve transaction-specific cryptographic-signatures.  However what process is used depends on the vendor equipment and the scheme (Visa, Mastercard, Amex, ...) A ""Magstripe mode"", if supported, allows the card number and expiry date to be read. There is a good description at Level2Kernel which covers ""Magnetic Stripe Mode"" and ""EMV Mode"" etc for each scheme (Mastercard, Visa etc do things differently). MasterCard Contactless MasterCard transactions can be performed in either EMV mode or Mag-Stripe mode. After Entry Point has initiated a transaction the MasterCard Kernel issues a Get Processing Options command. In the response from the card a data object called the Application Interchange Profile (AIP) determines whether the transaction will continue in either EMV Mode or Mag-Stripe Mode. The AIP also determines if “On-device cardholder verification” (CDCVM) is supported. EMV Mode (M/Chip) The commands exchanged with the card for EMV Mode closely resemble those used for an EMV contact transaction, with Read Record commands being used to retrieve all the card data, followed by a Generate Application Cryptogram (GENAC) request to obtain a unique, transaction-specific, cryptogram from the card. Once all of these exchanges have been completed, the card can be removed from the RF field. However, unlike for contact transactions, not all the transaction processing occurs before the card exchanges have been completed. This is to optimise the contactless transaction performance by reducing the amount of time the card is required to remain in the RF field. (my emphasis) According to VISA UK Our technology uses the chip on your card to generate unique cryptograms (that’s techie speak for a type of puzzle that consists of a short piece of encrypted or encoded text) and digital signatures to protect your payments. Digital signatures are like handwritten signatures in some ways – but they are much more difficult to forge. (my emphasis) According to the UK Card Association Rumour: A fraudster can steal my details from my contactless card. Fact: You have to be extremely close to someone for their gadget to be able to read your card - and even then all they would ever get is the card number and expiry date. That’s the same information you see by simply looking at the front of any card.There’s no way anyone can get the security code on the back of the card, your name and address, or bank account details. The vast majority of online retailers require additional details like these and others to make a purchase. However, according to a Guardian newspaper report of 2015-07-25: Researchers bought cheap, widely available card scanners from a mainstream website to see if they could “steal” key details from a contactless card. They tested 10 different credit and debit cards, that were meant to be coded to “mask” personal data, and were able to read crucial data that was meant to be hidden. It then went shopping with the information it had obtained and was able to successfully place orders for items including a £3,000 television set. So yes, even in the civilized world, our security is undermined by a combination of: How does Apple Pay work? See Apple Pay Must Be Using the Mag-Stripe Mode of the EMV Contactless Specifications Clearly, Apple Pay must following the EMV contactless specifications of books C-2, C-3 and C-4 for MasterCard, Visa and American Express transactions respectively. More specifically, it must be following what I called above the “mobile phone profile” of the contactless specifications. It must be implementing the contactless mag-stripe mode, since magnetic stripe infrastructure is still prevalent in the US. It may or may not be implementing contactless EMV mode today, but will probably implement it in the future as the infrastructure for supporting payments with contact cards is phased in over the next year in the US." For the purpose of personal finance, treating $500 as Interest Expense is sufficient.  For business accounting, it involves making the $500 a contra-liability and amortizing it as interest expense over the course of life of the loan. Sounds like a trick question.  If it's hired for a limited time, equivalent to an operating lease, then you only pay a running cost as it's used, and it's neither an asset or a liability, but just a running cost like salaries.  If it's hired in a way that fulfils the criteria for a financial lease, i.e. you treat it like it's being purchased, then it's both a liability and an asset. It goes on both sides of the balance sheet. Just like when you buy something on credit and recognize the liability to pay as a debt, and the item owned as an asset.  edit: presuming the relevant company is the one paying. Since you're not loaning the company the money, the correct category is Equity. It's not an income type account, rather it represents the balance of Assets - Liabilities = Owner's Equity So you'd put down £100 as the starting balance of Owner's Equity, and then a Cash Balance of £100 in a cash account. The short answer is you are not required to.  The longer answer depends on whether you are referring to your organization as a sole proprietorship in your state, or for federal taxation.  For federal tax purposes, I would suggest filing each side job as a separate Sch C though.  The IRS uses the information you provide about your sole proprietorship to determine whether or not your categorization of expenses makes sense for the type of business you are.  This information is used by the IRS to help them determine who to audit.  So, if you are a service based business, but you are reporting cost of goods sold, you are likely to be audited.