Journal entries are recorded throughout the accounting period as and when financial transactions occur. However, at the end of an…
Trial balance (TB) is a compilation of all the general ledger accounts along with the account balances at any point…
Accounting cycle is a comprehensive process of accounting starting from identifying and recording the financial transactions and ending at preparation…
Purpose of this section “double-entry accounting system” is to make you acquainted with the method of accounting that is currently…
Expanded accounting equation is an extended form of the basic accounting equation that we learnt in our previous chapter. Remember…
We have learnt in chapter balance sheet that an entity’s financial position is represented by the following three elements: Assets…