Suspense account is a temporary general ledger accounts used by the accountants to temporarily record such business transactions whose appropriate…
General ledger reconciliation is the process of identifying and rectifying errors in recording business transactions and ensuring the accuracy of…
The space or register where journal entries are recorded is called accounting journal. We’ll discuss the following two types of…
You must have observed that some expenditures are capitalized whereas some expenditures are directly charged to income statement. Accountants have…
There is no prescribed chart of accounts and every business has its own chart of accounts depending on its nature,…
Chart of accounts is a list of all the accounts that an entity has identified for recording business transactions using…
In previous chapter, we have discussed that bookkeeping is a part of accounting which is concerned with recording business transactions…
Bookkeeping is a part of accounting which is concerned with recording business transactions through journal entries and posting those entries…
Purpose of this section “Bookkeeping” is to explain the concept of bookkeeping and its importance for the success of businesses.…