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…
In previous chapters, we have studied how business transactions are recorded using T-accounts. These transactions can also be recorded as…
In accounting, nature of all five (5) types of accounts is predefined. These accounts are either debit or credit in…
In basics of accounting section, the chapter Accounts explained what an account is, but what is a T-Account? It is…
Double-entry accounting system is a method of accounting which is based on the principle that every business transaction has two…