Balance Sheet

In this post, we will learn about Balance Sheet. Balance Sheet A balance sheet is a financial statement that shows the company’s financial position at a specific point in time. It presents a snapshot of the company’s assets, liabilities, and shareholder equity. The balance sheet follows the accounting equation, which states that assets equal liabilities …

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Accounting Errors

In this post, we will learn about Accounting Errors. Accounting Errors Accounting errors refer to mistakes made in the bookkeeping process, which can lead to inaccurate financial statements. There are different types of accounting errors, such as errors of omission, errors of commission, errors of principle, and errors of original entry. These errors can occur …

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Trial Balance

In this post, we will learn about Trial Balance. Definition of Trial Balance Trial Balance is a statement that lists all the general ledger account balances of a company at a particular date. It is a tool used in accounting to verify that the total debits equal the total credits in the company’s financial records. …

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Ledger

In this post, we will learn about Ledger. Definition of Ledger A ledger is a principal book or a set of accounts that contains all the transactions and accounts of a business or an individual. It is a record-keeping tool that is used in accounting to maintain a company’s financial data, such as the company’s …

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Cash Book

In this post, we will learn about the Cash Book. Cash Book Cash Cash is a current asset which consists of items used in day-to-day financial transactions as a medium of exchange. In accounting and finance, cash includes currency notes made of paper, coins, demand deposits, money orders, checks and bank overdrafts, etc. The following …

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Subsidiary Books

In this post, we will learn about the Subsidiary Books. Subsidiary Books Subsidiary Books are books that record transactions which are similar in nature in an orderly manner. They are also known as special journals or daybooks. In big organizations, it is not easy to record all the transactions in one journal and post them …

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Journal

In this post, we will learn about Journal. Definition of Journal A journal entry is a record of the business transactions in the accounting books of a business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number. The process …

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Accounting Equation and Its Approach

In this post, we will learn about the Accounting Equation and Its Approach. Accounting Equation and Its Approach Shareholder Equity Shareholder equity refers to the residual interest in the assets of a company after deducting liabilities. It represents the amount of a company’s net assets that belong to its shareholders. Shareholder equity can be calculated …

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3 Golden Rules of Accounting

nominal account rule | modern rules of accounting | real account rule | nominal account rule | golden rules of accounting with examples ppt | golden rules of accounting formula | describe golden rule of accounting | give golden rule of accounting 3 Golden Rules of Accounting The three golden rules of accounting are: Golden …

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Classification of Account

In this post, we will learn about the Classification of Accounts. Classification of Account Types of Account There are three types of Accounts: Personal Account These account types are related to persons. These persons may be natural persons like Raj’s account, Rajesh’s account, Ramesh’s account, Suresh’s account, etc. These persons can also be artificial persons …

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