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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.…

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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

Business transactions

Khayyam Javaid, ACA

Any event or activity that influences either the financial position or financial performance of the business is called business transaction.…

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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…

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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