What is Double Entry System of Accounting? The double-entry system is a method of accounting that records financial transactions in…
Accounting is the process of recording, compiling, examining and reporting all financial transactions of an organization. Accounting helps organizations and…
What is Financial Accounting Financial Accounting is the process of preparing a business’s financial statements – a comprehensive record of…
What is Accounting Ratio? An accounting ratio measures a company’s financial performance. There are many different kinds of ratios, each…
What is Depreciation? Depreciation is when a tangible asset loses value over time due to wear and tear. This loss…
The Cash Flow Statement is a financial statement that offers a view of where cash is coming into the business…
What is an Income Statement? The income statement is the first of a business’s three most important financial statements. It…
How do business owners and chartered accountants check if their books of accounts are correct or not? An incorrectly recorded…
What is a Ledger? A ledger is a record of bookkeeping entries or transactions. Ledgers are also called the Book…
What is Journal Entry The Journal, also called the Book of Primary Entry, is the first record of any transaction…