Every business entity prepares a balance sheet at the end of each year, and most of the companies prepare at…
Many of the people think that accounting is just understood and practiced by professional accountants and it is highly a…
Balance sheet is statement of the total assets and liabilities of an organization at a specific point in time. It…
Income statement is a financial document which shows income and expenses of an organization over a given period of time…
Trial balance is a statement of debit and credit balances extracted from the ledger, with a view to test the…
Ledger is a book which contains separate page for each account and shows complete collection of all the accounts of…
In accounting system, each business transaction is first recorded in an accounting record called the journal. Since the transactions are…
In order to record the journal entries, one must know the rules of debit and credit. First of all we…