Debit Credit Rules in Accounting In Financial Accounting Debit and Credit rules or principles of debit and credit, are used to complete double entry effect in the books of accounts,the basic principles which are used to complete transaction are explained as under; The account has two parties i.e Debit(Dr.) or left […]
What is General Journal
What is General Journal General journal may define as; An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping. You may also like to Read Debit Credit […]
What is Accounting Equation with Example
What is Accounting Equation ? Accounting equation is Assets = Liabilities+owner equity The resources controlled by a business are referred to as its assets. For a new business, those assets originate from two possible sources: Investors who buy ownership in the business Creditors who extend loans to the business Those who contribute assets to a business […]
The Nine Steps of the Accounting Cycle
Accounting Cycle Accounting Cycle is the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements. When an Accounting Cycle transaction occurs it is recorded in various books and elements. the order of recording these […]
60+ Basic Accounting Terms Dictionary
What are the Basic Accounting Terms and its meaning: Basic Accounting Terms are very important for Accounting’s beginner to understand it. before starts learning to account one must read and learn all the terms to understand accounting well. Basic Accounting terminologies include all those important terms which are frequently used while studying financial accounting. These terms […]