Daily Archives: July 15, 2018

Financial Accounting

10 Steps of Accounting Cycle and Process

Accounting Cycle or process can be defined with its accounting Definition. Accounting is an art of Recording, Classification, summarizing and reporting of business entity transactions. Process of accounting start when an transaction occurred and ends with reporting at the end ...
Financial Accounting

What is General Ledger

A general ledger is also one of the basic books of Accounting. After a transaction entered in the journal, it is prepared. Both books are updated on daily basis. Difference between these two is, Day book is prepared with every ...
Financial Accounting

What is Journal Entries

Before discussing journal Entries, I would like to describe about Journal Journal word derived from jour, which meaning is a day. It is also called Day Book. It is the basic book of accounts on which all others accounts are ...
Financial Accounting

Rules of Debit and Credit

Debit and Credit and its rules are one of the most important and basic workings of accounting. Every Accountant and bookkeeper should know about the chart of accounts, how and where they will be recorded. Classification is to enter the ...