Financial Accounting
Bookkeeping, Accounting and the Double-Entry Principle
Principles of Bookkeeping And Accounting. Thousands of years ago, there were no standard permanent records of business transactions, but with the advancement of education and civilization, accounting data are recorded …
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Suspense Accounts, Errors, and its Corrections
Suspense Accounts, Errors, and its Corrections In this article, you are going to learn all that it entails in preparing an Error and Suspense Accounts. Basically, you will learn about …
Branches of Accounting – 8 Types of Accounting
Accounting can be classified in various ways. This includes Accounting as an information system, Accounting as a Profession, Public Accounting, Private Accounting, Government Accounting, Financial Accounting, Cost Accounting, and Management …
Control Account Definition – Uses & Adv. of Control Account
What is a Control Account? Control Account is a memorandum account into which are transferred in totals, the various amounts of the transactions which have been debited or credited in …
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Bank Reconciliation Statement +Video Guide
Bank Reconciliation Statement A bank reconciliation statement is a statement drawn up to verify the cash book balance of an organization with the bank statement sent by its bank. A …
Importance of Accounting in an Economy
Accounting is no doubt, the universal language of business and figure. Those that fluently speak the language are called accountants. Without appreciating the importance of accounting, business and financial environment …
10 Questions on Subsidiary Books
Question 1 You are to enter up the sales journals for the following details. Post items to the relevant accounts in the sales ledger and then show the transfer to …
1, 2, 3 Columns Cash Book +Video Guide
The cash book is a subsidiary book of first entry for all cash transactions. It is also a ledger book because it has a balance at the end of the …
Subsidiary Books of Accounting; Types & Summary
What are Subsidiary Books? Subsidiary books are books of prime entry used to record source documents arising from business transactions before posting to the ledger. Subscribe to our YouTube channel …
2 Questions on Ledger Entries +Video Guide
Question 1 on Ledger Entries Open the necessary ledger accounts to record the transaction below, balance it off and extract trial balance as at 31 June 2018. June 1 Started business …
Ledger Accounts and Trial Balance +Video Guide
Ledger Accounts and Trial Balance. In this article, Ledger Accounts, you are going to learn the definition of the term “Trial Balance”, the rules for identification of balances, characteristics of …