What is Accounting Equation?
Accounting Equation equates a company’s assets to its liabilities and equity. This shows all company assets are acquired by either debt or equity financing. For… Read More »What is Accounting Equation?
Business Accounts
Broad Classification of Accounts
Accounts Types: For the purpose of analysis,and record,accounts are broadly classified in two categories which are follows: Personal accounts Impersonal accounts 1. Personal Accounts: Personal… Read More »Broad Classification of Accounts
What Is Trial Balance?
Trial balance is a statement which accounts all the balances of the Personal account, Real account and Nominal account regardless of either Revenue or Capital… Read More »What Is Trial Balance?
Computerised Accounting
The process of recording of business transactions in journal,classifying them,posting in appropriate ledger and preparing the trial balance and financial statement with the help of… Read More »Computerised Accounting
What is Journal?
Journalising is the process of recording transactions in a journal is called as. Journal is a process of records all daily transactions of a business in… Read More »What is Journal?
Define Share and Types of Shares
Definition of Share The companies act defines a share as “share in the share capital of a company, and includes stock except where a distinction… Read More »Define Share and Types of Shares
Difference Between Double Entry and Single Entry
Single entry system: A single entry system is an incomplete form of recording financial transactions. It is the system, which does not record two aspects… Read More »Difference Between Double Entry and Single Entry
Systems Of Bookkeeping
What are Bookkeeping System Bookkeeping system can be divided in to two types they are namely (1). Single entry system. (2). Double entry system. 1.… Read More »Systems Of Bookkeeping
Systems Of Accounting
Accounting Systems The following are the main accounting systems of recording business transactions. Cash System under this system actual cash receipts and actual cash payments… Read More »Systems Of Accounting
Accounting Principles
Accounting principles are essential rules and concepts that govern the field of accounting, and guides the accounting process should record, analyze, verify and report the… Read More »Accounting Principles