Basics
Cash vs. Accrual Basis of Accounting
Cash Basis of Accounting Cash Basis of Accounting uses receipts and payments of cash to record incomes and…
August 16, 2021 · Boomi NathanAuthor: Boomi Nathan
J. BoomiNathan is a writer at SenseCentral who specializes in making tech easy to understand. He covers mobile apps, software, troubleshooting, and step-by-step tutorials designed for real people—not just experts. His articles blend clear explanations with practical tips so readers can solve problems faster and make smarter digital choices. He enjoys breaking down complicated tools into simple, usable steps.
Basics
Current Liabilities
Like current assets, current liabilities are immediate liabilities of the firm that are to be paid within one…
August 16, 2021 · Boomi NathanBasics
Current Assets
Assets that are convertible into cash within the next accounting year are called current assets. Cash in hand,…
August 16, 2021 · Boomi NathanBasics
Owner’s Equity
The equation of equity is as follows: Owner Equity = Assets – liability The owner or the sole…
August 16, 2021 · Boomi NathanBasics
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the business, and to know the financial…
August 16, 2021 · Boomi NathanBasics
Trial Balance
Trial balance is a summary of all the debit and credit balances of ledger accounts. The total of…
August 16, 2021 · Boomi NathanBasics
Bank Reconciliation
On a particular date, reconciliation of our bank balance with the balance of bank passbook is called bank…
August 16, 2021 · Boomi NathanBasics
Key Features of Subsidiary Books
There is a difference between a purchase book and a purchase ledger. A purchase book records only credit…
August 16, 2021 · Boomi NathanBasics
Bills Payable Book
Bills payable issues to the supplier of goods or services for payment, and the record is maintained in…
August 16, 2021 · Boomi NathanBasics
Bills Receivables Book
Bills are raised by creditors to debtors. The debtors accept them and subsequently return them to the creditors.…
August 16, 2021 · Boomi Nathan