We will explain you Financial Accounting in this Tutorial is very simple and easy way.
Basic or initial level accounting in which we are recording, summarising and analyzing day to day transactions of the particular business is called financial accounting. and at the end, we will get to know about the financial position of a business or an organization by preparing Profit/loss and balance sheet of business in the particular financial year.
The cheque is an instrument in writing which contains an unconditional instruction to a banker (by a person who has already deposit the amount with a banker), to pay a specific amount to a certain person or to the order of Read More …
A Negotiable Instrument is a document that contains a promise by one person to pay a specific amount to another certain person. In simple words, It is a written promise to pay a certain amount by the borrower to the Read More …
Promissory Note: A promissory note is an instrument that contains the written and signed promise by the maker(the debtor) to pay a certain amount to the creditor at the specific date or on-demand. “A Promissory Note is writing (not being Read More …
Today we are covering the conceptual topic of the Bill of Exchange. So please read it very consciously and in this article, you will learn the meaning of the Bill of Exchange, Features, parties involved, format of Bill of exchange, Read More …
Suspense Account: – The suspense a/c is that account in which we have to record all those business transactions which have incomplete information. Sometimes, An accountant did not have proper information about the transaction but he has to record all Read More …
Today we are covering the Technical topic of Error Rectification. So please read it very consciously and in this article, you will learn the meaning of the Error, Types of Errors, way of Error Rectification, and understand it in much better Read More …
The income statement shows all expenses incurred and revenue earned during a particular period. It is prepared to find out the Net earnings of the business for the particular accounting period. It is also known as Profit and loss account/statement. Read More …
Today we are covering the topic of the Balance sheet. This is the last topic of final accounts. After this topic, we will cover all adjustments of the final account which is your next chapter. In this article, you will Read More …
Today we are covering the Technical topic of the Profit and Loss account. So please read it very consciously and in this article, you will learn the meaning of the Profit and Loss Account, Feature, Needs, Format, and understand it Read More …
Meaning of Trading Account: – Trading account is prepared to find out the gross profit of the business for the particular accounting period. It is calculated by comparing the net sale with the cost of goods sold(COGS). Gross Profit/Loss = Net Sale Read More …