The Interconnected Roles of Accounting and Bookkeeping
Interconnected Roles of Accounting and Bookkeeping
Bookkeeping and accounting are both processes of keeping records of business financial transactions
Trial Balance – Determination of Debit and Credit
Determining the debits and credits in the trial balance is a matter of considerable importance.
Limitation of Trial Balance
Trial balance has some limitations that may limit its effectiveness. The purpose of trial balance is to verify the accounts mathematical correctness.
Capital and Revenue Income-Expense
Money spent on acquiring fixed assets is called capital expenditure. It’s not always easy to distinguish between capital and revenue expenditures.
Adjusting Entries and Procedure
Adjusting entries are journal entry that adjusts the balance of certain accounts to show the correct balance in the financial statements.
Bank Reconciliation: Why It Matters and How to Do It Right
A statement showing the difference between the bank book balance and the bank statement balance on a particular date is called bank reconciliation statement.
Methods of Preparing Trial Balance
All ledger accounts are recorded on a separate sheet under the debit and credit columns, and the totals are matched to preparing trial balance.
Trial Balance
A trial balance is a statement prepared for the purpose of verifying the mathematical correctness of the accounts with the debits n credits.
Debits and Credits Determination Process for Accurate Accounting
Accounting Cycle is a continuous process followed to accurately record, classify and report the financial activities of an organization.
Exploring the Concept of Debit and Credit
Debit and Credit are two important parts of double-entry system. According to this method, every transaction has two sides.