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Singles Entry Bookkeeping

Wednesday, October 21, 2009, 13:55
Financial Accounting
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The accounting method used by most of the companies is double entry bookkeeping. To explore the benefits of double entry system it is important to understand the single entry bookkeeping. The single entry bookkeeping is similar like a checkbook register which have only single column each transaction. Single entry bookkeeping record positive and negative amount in one column as mentioned in the example below.... Full article

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Source Document

Thursday, June 4, 2009, 6:20
Financial Accounting
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Source document in accounting capture information of transaction. Source document serve as baseline or first step for recording transaction. Source document must have a proper format to record and classify the transaction occurred. Following are some forms of source document. - Voucher - Cash receipt - Time sheet - Credit memo Source document contain the detailed information includes unique reference number, data, time, amount, place, contact number and etc. Unique reference is mandatory for uniqueness and ... Full article

Tags: cash receipt, electronic source document, financial accounting tutorials, forms of source document, manual source document, Source Document, time sheet, vocher

Accounting Cycle

Thursday, May 28, 2009, 5:14
Financial Accounting
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Accounting cycle is a sequence of accounting procedures which are used to record, classify and summarize accounting information. The accounting cycle begins with the initial recording of business transactions and concludes with the preparation of formal financial statements summarizing the effect of these transactions upon the assets, liabilities and owner’s equity of the business. The term “cycle” indicates that these procedures must be repeated continuously to enable ... Full article

Tags: accounting, Accounting cycle, Accounting Cycle presentation, cycle, financial accounting tutorials, financial statements, journal, ledgers account, Post to ledgers account, Preparation of financial statements, Preparing a trial balance, Recording transactions, trial balance

Debits and Credits

Wednesday, May 20, 2009, 1:31
Financial Accounting
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Debits and credits are the accounting terminologies which are used to describe the increase or decrease in the financial components. Any movement in these components can be specified by using the term debits and credits. In T-accounts, left column represents debits while right column represents credits. Rules of Debits and Credits There are five components of financial ... Full article

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