Accounting Basics 1 min read
Current Liabilities
Like current assets, current liabilities are immediate liabilities of the firm that are to be paid within one year from…
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Current Assets
Assets that are convertible into cash within the next accounting year are called current assets. Cash in hand, cash in…
Accounting Basics 1 min read
Owner’s Equity
The equation of equity is as follows: Owner Equity = Assets – liability The owner or the sole proprietor of…
Accounting Basics 2 min read
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the business, and to know the financial position of…
Accounting Basics 2 min read
Trial Balance
Trial balance is a summary of all the debit and credit balances of ledger accounts. The total of debit side…
Accounting Basics 3 min read
Accounting – Process
Accounting cycle refers to the specific tasks involved in completing an accounting process. The length of an accounting cycle can…
Accounting Basics 2 min read
Bank Reconciliation
On a particular date, reconciliation of our bank balance with the balance of bank passbook is called bank reconciliation. The…
Accounting Basics 2 min read
Key Features of Subsidiary Books
There is a difference between a purchase book and a purchase ledger. A purchase book records only credit purchases and…
Accounting Basics 1 min read
Bills Payable Book
Bills payable issues to the supplier of goods or services for payment, and the record is maintained in this book.…
Accounting Basics 1 min read
Bills Receivables Book
Bills are raised by creditors to debtors. The debtors accept them and subsequently return them to the creditors. Bills accepted…
Accounting Basics 1 min read
Sale Return Book
The reason of Sale return is same as for purchase return. Sometimes customers return the goods if they don’t meet…
Accounting Basics 1 min read
Purchase Return Book
Sometimes goods are to be retuned back to the supplier, for various reasons. The most common reason being defective goods…