What Is Accrual Based Accounting?
One of the critical responsibilities of business owners and accountants is selecting an accounting technique to record transactions. Accrual-based accounting
Accounting Equation -formula, examples, and explanation
The accounting equation is the most important part of the accounting process. The dual accounting technique is used in
Post-closing trial balance-examples, and importance
The post-closing trial balance is the ninth (and last) step of the accounting cycle. It can be prepared before the new
Closing Journal Entries
Closing journal entries are an essential component of the accounting cycle in which balances from temporary accounts are transferred to
Financial Statements – Definitions, Examples
Financial statements are very essential while making several business decisions. Business owners, managers, and other stakeholders use financial statements to
An Adjusted trial balance
An adjusted trial balance is the sixth step of the accounting cycle in which ending balances are listed in all
Adjusting Journal Entries – Examples
Table of Contents Adjusting journal entries are the fifth step in the accounting cycle and also an essential part of
How to Prepare Unadjusted Trial Balance
The unadjusted trial balance is the fourth crucial step of the accounting cycle. An unadjusted trial balance is prepared after
Recording Transactions In The General Journal
Recording transactions in the general journal is an essential step of the accounting cycle. it comes after analysing the transaction.
What Is the concept of Debit and Credit?
The debit and credit are two of the most crucial accounting terms you need to understand. This is particularly important
General Ledger: Posting Process & Rules
Posting to the general ledger is the most crucial accounting cycle phase. This process comes after the journal entries, in
Identification and Analysis of Transactions in Accounti...
Identification and analysis of transactions in accounting is an essential part of the accounting process. Whenever a business starts to
Golden Rules of Accounting – Types of accounts
In accounting and finance, accounting rules are the most famous and commonly used term. These rules are universally applicable, and
Accounting Standards
Accounting standards are principles and guidelines that provide a framework for financial reporting. They are designed to ensure that financial
Differences between Accounting Concepts, Principles, an...
Accounting concepts, principles, and conventions have a significant role in processing reliable and realistic financial information. These are the set
Accounting Types
A business must use three main types of accounting to track its income and expenses most efficiently. These include financial
A Beginner’s Guide to Accounting Cycle – 20...
Accounting plays an important role in any organization and business. Whether it is small and medium enterprises. It helps track
GAAP- Importance and Limitation
Generally accepted accounting principles (GAAP) are the set of accounting procedures, rules, and standards used to prepare financial statements. It
12 Basic Accounting Principles
Every business and company has its own principles that help business owners in reporting financial data. Accounting principles are rules
Accounting Basics for Beginners
Whether you are a student or owner of any business, you need to learn account basics. This quick guide will
What is Business Management System?
Do you ever think why a business management system is important for businesses? Probably, you might realized that whether it
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