Skip to content
Financiopedia

Financiopedia

An educational website on accounting and finance
  • 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
  • Management Accounting
    • Introduction
    • Relevant costing
    • Cost of Goods Sold Statement
    • Marginal and Absorption Costing
    • Inventory Valuation
    • Inventory Management
  • IFRS
    • IFRS 15 – Revenue from contracts with customers
  • About Us
  • Contact Us

Category: Basics of 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.…

Continue Reading →

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…

Continue Reading →

Posted in: Basics of accounting, Financial Accounting

Accounts

Khayyam Javaid, ACA

In previous chapters of this section “Basics of accounting”, we have learnt that there are five (5) types/categories of accounts…

Continue Reading →

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…

Continue Reading →

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,…

Continue Reading →

Posted in: Basics of accounting, Financial Accounting

Financial statements

Khayyam Javaid, ACA

Let’s recall the definition of accounting from chapter “Introduction to accounting”. Accounting is the process of recording business transactions in…

Continue Reading →

Posted in: Basics of accounting, Financial Accounting

Business transactions

Khayyam Javaid, ACA

Do you remember the story of Ricardo and the definition of accounting from previous chapter “Introduction to accounting”? Let’s reproduce…

Continue Reading →

Posted in: Basics of accounting, Financial Accounting

Introduction to accounting

Khayyam Javaid, ACA

What is accounting? Let’s share a little story of a ten year old kid named Ricardo. On every birthday, he…

Continue Reading →

Posted in: Basics of accounting, Financial Accounting

Recent Posts

  • Accounting of expenses
  • Outsourcing of payroll function
  • Example – Recording payroll expenses

Recent Comments

    Archives

    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • April 2018
    • March 2018
    • January 2018
    • October 2017

    Pages

    • About Us
    • Categories
    • Contact Us
    • Home
    • Posts
    • Privacy Policy

    Contact Us

    • Email
      khayyamjavaid@yahoo.com
    • Financial Accounting
    • Management Accounting
    • IFRS
    Copyright © 2021 Financiopedia — Escapade WordPress theme by GoDaddy
    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
    • Management Accounting
      • Introduction
      • Relevant costing
      • Cost of Goods Sold Statement
      • Marginal and Absorption Costing
      • Inventory Valuation
      • Inventory Management
    • IFRS
      • IFRS 15 – Revenue from contracts with customers