In accounting, we treat business and the owners two different person. This is we called as Business Entity Concept. All […]

Accrual accounting is one of the basic accounting principle and is followed all over the world. According to this principle, revenues

Reversing entries are the important journal entries in the accounting. It actually helps a lot in implementation of the accrual basis of accounting which

Trial balance is a simple list of all the balance of the ledger accounts. Usually trial balance is prepared at

Post closing trial balance is just like an adjusted trial balance but the major difference is that it incorporates the effect of closing

Ledger Accounts and Posting to Ledger Accounts Ledger accounts are the T accounts. The data are posted to the debit

Journal Entries Journal entries are a way to record financial transaction. It simultaneously records a debit and a credit to

Compound Journal Entry Compound entry or compound journal entry is the combination of two or more simple entry. It involves

Closing Entries Closing entries are the tool to close the temporary accounts and are passed to transfer the balances of

Adjusting Entries Adjusting entries are passed in order to comply with accrual basis of accounting. This is to ensure that revenues