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Showing posts with label Financial Accounting. Show all posts
Showing posts with label Financial Accounting. Show all posts
Tuesday, March 28, 2017

Short Question and Answers

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1. What is accounting? Accounting is the process of recording, summarizing, analyzing and communicating the financial information or trans...
Wednesday, April 20, 2016

Glossary Financial Accounting Terms

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account payable  an amount due for payment to a supplier of goods or services, also described as a  trade creditor . account receivable ...
Tuesday, April 19, 2016

Financial Accounting Standards

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Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards...

Closing Entries | Closing Procedure

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Closing entries are journal entries used to empty temporary accounts at the end of a reporting period and transfer their balances into perm...

Adjusting Entries

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In the accounting process, there may be economic events that do not immediately trigger the recording of the transaction. These are address...
Monday, April 18, 2016

The Trial Balance

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A basic rule of double-entry accounting is that for every credit there must be an equal debit amount. From this concept, one can say that ...

Debit and Credits

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Debits and Credits are used to track the changes of account values. They can also be thought of as mirror opposites: Each debit to an accou...

General Ledger

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While the journal lists transactions in chronological order, its format does not faciliate the tracking of individual account balances. Th...

Journal Entries

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After a transaction occurs and a source document is generated, the transaction is analyzed and entries are made in the general journal . A...

The Source Document

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Source documents are the physical basis upon which business transactions are recorded. Source documents are typically retained for use as e...

The Accounting Cycle

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Accounting cycle is a step-by-step process of recording, classification and summarization of economic transactions of a business. It genera...

Bookkeeping

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Single Entry Bookkeeping Most of financial accounting is based on double-entry bookkeeping. To understand and appreciate the advantages ...

Basic Financial Statement

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Businesses report information in the form of financial statements issued on a periodic basis. GAAP requires the following four financial s...

Account Information for Decision Making

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Small business owners are faced with countless decisions every business day. Managerial accounting information provides data-driven input t...

Record Keeping and Basic Concepts

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Different Types of Business Entities Commercial Organizations (Profit Oriented) Sole proprietor Partnership Limited compani...
Sunday, April 17, 2016

Basic Concepts of Accounting

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What is Financial Accounting? It is the maintenance of daily record of All financial transactions in such a mann...