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Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes analyzing, summarizing and reporting these transactions to oversight regulators, agencies, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.
Trial balance is the sum or list of credit and debit balances drawn from multiple ledger accounts like bank balance, cash book etc. The basic rule of trial balance is that the trial balance debit and credit account and the balance drawn from the ledger should be the same or equal. This is because each transaction has … Read more
Final account with adjustment notes:- The accounts which are prepared by the trader at the end of a financial year to ascertain the economic and physical position of the business are called final accounts. Under this, business account, profit-loss account, financial balance etc. are made. Trading Account It is also called as Mal Khata. In this, the … Read more
What is the meaning and definition of journal. Till now we have written a lot of information related to Accounts which you can read but there is one more thing in the account which we call Journal, it is very important in Accounting, so in this article you will tell what is Journal and its What are … Read more