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Month: August 2020

Journal entry definition and example

August 31, 2020 Khayyam Javaid, ACA

In previous chapters, we have studied how business transaction are recorded using T-accounts. These transactions can also be recorded as…

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Posted in: Double-entry accounting system, Financial Accounting

Normal balance of accounts and contra accounts

Khayyam Javaid, ACA

In accounting, nature of all five (5) types of accounts is predefined. These accounts are either debit or credit in…

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Posted in: Double-entry accounting system, Financial Accounting

What is a T Account?

Khayyam Javaid, ACA

T account is an account i.e., a unique space where all the transactions of a specific item are recorded. It…

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Posted in: Double-entry accounting system, Financial Accounting

Double entry accounting

Khayyam Javaid, ACA

Double entry accounting system is a method of accounting which is based on the principle that every business transaction has…

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Posted in: Double-entry accounting system, Financial Accounting

Basics of accounting

August 25, 2020 Khayyam Javaid, ACA

Purpose of this section “Basics of Accounting” is to make you acquainted with the fundamentals of accounting and basic terminologies.…

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Posted in: Basics of accounting, Financial Accounting

Debits and credits

Khayyam Javaid, ACA

Debits and credits are undoubtedly the most commonly used terms in accounting. But before we go into the details of…

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Posted in: Basics of accounting, Financial Accounting

What is an account in accounting?

Khayyam Javaid, ACA

In accounting, the term account is used for a unique space where all the transactions of a specific item are…

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Posted in: Basics of accounting, Financial Accounting

Income statement

Khayyam Javaid, ACA

Income statement is a financial statement that shows an entity’s financial performance during a particular period of time. Owners are…

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Posted in: Basics of accounting, Financial Accounting

Balance sheet

Khayyam Javaid, ACA

Balance sheet is a financial statement that shows an entity’s financial position at a particular point in time. By nature,…

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Posted in: Basics of accounting, Financial Accounting

What are financial statements?

Khayyam Javaid, ACA

Financial statements are summarized reports representing the financial position of a business at any particular date and representing the financial…

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Posted in: Basics of accounting, Financial Accounting

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    Financiopedia
    • Financial Accounting
      • Basics of accounting
      • Double-entry accounting system
      • Accounting cycle
      • Accounting principles
      • Bookkeeping
      • Accounting of assets
      • Property, plant and equipment
      • Financial instruments
      • Inventory
      • Accounts receivable
      • Accounting of liabilities
      • Accounting of income
      • Accounting of expenses
      • Financial statements
      • Ratio analysis
    • Management Accounting
      • Introduction to management accounting
      • Introduction to costs
      • Material and labour costs
      • Marginal and Absorption Costing
      • Inventory valuation
      • Inventory management
      • Costing systems
      • Budgeting
      • CVP analysis
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us