Category: Accounting, Accountancy, Accountability
-
Trial Balance
What is a Trial Balance? A trial balance is a statement showing the balances, or a total of debits and credits, of all the accounts in the ledger intending to verify the arithmetical accuracy of posting into the ledger accounts. Trial balance is an essential statement in the accounting method as it indicates the final…
-
Bank Reconciliation Statement
A Bank Reconciliation Statement is the comparison made between the bank balance & as shown in the firm’s cash book, the two balances do not tally. Hence, we’ve to first ascertain the causes of the difference and then reflect them during a statement called the Bank Reconciliation Statement to reconcile (tally) the two balances. A…
-
Books of Accounts
Books of Accounts- It means determining what transactions to record, i.e., to identify events that are to be recorded. It involves observing activities and selecting those events that are of a considered financial character and relate to the organization. The business transactions and other economic events, therefore, are evaluated to decide whether it’s to be…
-
Recording Transactions in Accounting
Introduction of Recording Transactions in Accounting In the realm of financial management, recording transactions in accounting holds paramount importance. It’s the cornerstone of accurate and transparent financial reporting, allowing individuals and businesses to maintain a clear overview of their monetary activities. This comprehensive guide delves into the intricacies of recording transactions in accounting, shedding light…
-
Benefit & Role of Accounting
Benefit & Role of Accounting Standards
-
Basic Accounting Concepts
Basic Accounting Concept
-
Basic Terms in Accounting
Basic Terms in Accounting