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Category: Double-entry accounting system

Double-entry accounting system

September 2, 2020 Khayyam Javaid, ACA

Purpose of this section “double-entry accounting system” is to make you acquainted with the method of accounting that is currently…

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Posted in: Double-entry accounting system, Financial Accounting

Expanded accounting equation

September 1, 2020 Khayyam Javaid, ACA

Expanded accounting equation is an extended form of the basic accounting equation that we learnt in our previous chapter. Remember…

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Posted in: Double-entry accounting system, Financial Accounting

Accounting equation

Khayyam Javaid, ACA

We have learnt in chapter balance sheet that an entity’s financial position is represented by the following three elements: Assets…

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Posted in: Double-entry accounting system, Financial Accounting

Journal entries and general ledger

August 31, 2020 Khayyam Javaid, ACA

In previous chapters, we have studied how business transaction are recorded using T-accounts. These transactions can also be recorded as…

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Posted in: Double-entry accounting system, Financial Accounting

Normal balances of accounts and contra accounts

Khayyam Javaid, ACA

In accounting, nature of all five (5) types of accounts is predefined. These accounts are either debit or credit in…

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Posted in: Double-entry accounting system, Financial Accounting

T-Accounts

Khayyam Javaid, ACA

In basics of accounting section, the chapter Accounts explained what an account is, but what is a T-Account? It is…

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Posted in: Double-entry accounting system, Financial Accounting

Introduction to double-entry accounting system

Khayyam Javaid, ACA

Double-entry accounting system is a method of accounting which is based on the principle that every business transaction has two…

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Posted in: Double-entry accounting system, 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
      • Relevant costing
      • Marginal and Absorption Costing
      • Inventory Valuation
      • Inventory Management
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us