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.
Introduction to Financial Accounting
Financial Accounting Terminology
Basic Accounting Principles and Guidelines
What is accounting cycle | Example | Diagram
What is Accounting Equation | Example
What is a Journal in Accounting?
Golden rules of Accounting | Explained with examples
The important Journal Entries | Journal
Compound Journal Entry | Examples | Journal
Opening Journal Entry | Example | Journal
Journal Entry for Discount Allowed | Examples | Journal
Journal Entry for Discount Received | Examples | Journal
Difference Between Trade Discount and Cash Discount
Journal entry for outstanding expenses | Example
What is Prepaid expense | Example | Journal Entry
What is Accrued income | Example | Journal Entry
What is Prepaid income | Example | Journal Entry
What is Bad Debt | Example | Journal Entry
What is Bad debts recovered | Example | Journal Entry
Ledger | Meaning | Type of ledgers | Posting | Example
Ledger balancing or Closing of ledger account | Ledger
Subsidiary Books | Cash Book | Types of Cash Book
Single Column Cash Book | Subsidiary Books | Example
Double Column Cash Book | Subsidiary Books | Example
Triple Column Cash Book | Subsidiary Books | Example
Petty Cash Book | Subsidiary Books | Example
Purchase Book | Subsidiary Books |Examples
Sales Book | Subsidiary Books | Examples
Purchase Return Book |Subsidiary Books | Examples
Sales Return Book | Subsidiary Books | Examples
Bills Receivable Book | Subsidiary Books | Examples
Bills Payable Book | Subsidiary Books | Examples
Journal Proper | Subsidiary Books | Examples
What is Depreciation | Methods | Examples
Straight Line Method of Depreciation | Example |
Diminishing Balance Method of Depreciation | Example |
Annuity Method of Depreciation | Example |
Sinking Fund Method of Depreciation | Example |
Insurance Policy Method of Depreciation | Example |
Sum of Digits Method of Depreciation | Example |
Revaluation Method of Depreciation | Example
Machine Hour Rate Method of Depreciation | Example
Mileage or Kilometre Method of Depreciation | Example
Depletion Method of Depreciation | Example
Depletion Method of Depreciation: Depletion Method of Depreciation is used for wasting assets like coal, mines, well and etc. The rate of dep is calculated by dividing the cost of an asset by the estimated quantity of product likely to Read More …
Mileage or Kilometre Method of Depreciation: Mileage or Kilometre Method of Depreciation is very much similar to the Machine hour rate method. But it is applied on the vehicle instead of the machine. So the life of the vehicle can Read More …
Machine Hour Rate Method of Depreciation: Machine Hour Rate Method of Depreciation is applicable to those assets of which we can record their life in hours like Plant and Machine. So we have to keep the record of the total Read More …
Revaluation Method of Depreciation: Under Revaluation Method of Depreciation, where we did not know the accurate life of an asset or where the life of an asset is uncertain and depreciation cannot be calculated with any other method then we Read More …
Sum of Digits Method: The Sum of digits method is formed due to the decrease in the productivity of an asset with the passage of time. It means that an asset has more useful life in the earlier year. So, that’s Read More …
Insurance Policy Method: In Insurance Policy Method, An endowment policy is taken from an insurance company for an amount which is sufficient for the replacement of an asset. It is similar to sinking fund method only difference is we take Read More …
Sinking Fund Method: In Sinking Fund Method will provide us with an amount of depreciation as well as provide funds for the replacement of this asset when an asset need replacement like the end of life of an asset. Under Read More …
Annuity Method: In Annuity method, we will calculate a fixed amount of depreciation on the original cost of an asset but also calculate interest on the invested amount of capital on the purchase of this asset with help of annuity table. We Read More …
Diminishing Balance Method: In Diminishing Balance method, we have calculated the depreciation on the closing value of an asset and charge till the book value of an asset will equal to its scrap value. The Amount of depreciation will be Read More …
Straight Line Method: – In Straight Line Method, we calculate the fixed amount of depreciation on the original cost of an asset and charge till the book value of an asset will equal to zero or its scrap value. It Read More …