In previous chapters, we have studied how business transaction are recorded using T-accounts. These transactions can also be recorded as…
In accounting, nature of all five (5) types of accounts is predefined. These accounts are either debit or credit in…
T account is an account i.e., a unique space where all the transactions of a specific item are recorded. It…
Double entry accounting system is a method of accounting which is based on the principle that every business transaction has…
Purpose of this section “Basics of Accounting” is to make you acquainted with the fundamentals of accounting and basic terminologies.…
Debits and credits are undoubtedly the most commonly used terms in accounting. But before we go into the details of…
In accounting, the term account is used for a unique space where all the transactions of a specific item are…
Income statement is a financial statement that shows an entity’s financial performance during a particular period of time. Owners are…
Balance sheet is a financial statement that shows an entity’s financial position at a particular point in time. By nature,…
Financial statements are summarized reports representing the financial position of a business at any particular date and representing the financial…