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Financial Accounting

#1-10 Financial Accounting Questions & Answers

[WATU 4]

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…

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…

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,…

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…

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…

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.…

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…

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…

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…

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…

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…