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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 – Definition | Formula | Example

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 – Definition | Formula | Example

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 entry definition and example

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 balance 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

What is a T Account?

Khayyam Javaid, ACA

T account is an account i.e., a unique space where all the transactions of a specific item are recorded. It…

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Posted in: Double-entry accounting system, Financial Accounting

Double entry accounting

Khayyam Javaid, ACA

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

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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
      • 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