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.
Financial Accounting | Introduction | Functions
Financial Accounting Terminology
Basic Accounting Principles and Guidelines
What is accounting cycle | Example | Diagram
What is Accounting Equation | Example
Journal Entries | Meaning | Format | Examples
Golden rules of Accounting | Explained with examples
Basic Journal Entries | Journal | Examples
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
Expenses Ledger account balancing | Ledger
Income Ledger account balancing | Ledger
Assets Ledger account balancing | Ledger
Liabilities Ledger account balancing | Ledger
Subsidiary Books | Types of Subsidiary Books | Example
Cash Book | Types of Cash Book | Subsidiary Books
Single Column Cash Book | Subsidiary Books | Example
Double Column Cash Book | Subsidiary Books | Example
Triple Column Cash Book | Subsidiary Books | Example
Petty Cash Book | Example | Subsidiary Books
Purchase Book | Types | Examples | Subsidiary Books
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
Trial Balance | Explanation | Methods | Examples
Adjusting Entries | Explanation | Example
Bank Reconciliation Statement | Process | Illustration |
Provision in accounting: Meaning, Types, Treatment
Reserve: Meaning, type, Accounting treatment
Provision and Reserve: Differences with example
Final Accounts: Definition and Explanation
Trading Account: Meaning, Format and Examples
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 – COGS Read More …
Final Accounts : – Final Accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. It is a combination of the following statement: – Trading Account Profit and loss account Read More …
Provision and Reserve: To know to differences between provision and reserve we have to know the meaning of both the terms are shown below: – Provision:- The provision in accounting means that amount which is charged against Profit or loss account(Income statement) for some Read More …
Reserve:- A reserve refers to that proportionate amount of net profit or surpluses which is retained for the future payments. In other words, the retention of the profit which is not for any known liability. According to William Pickles. “Reserve Read More …
A provision in accounting:- The provision in accounting means that amount which is charged against Profit or loss account(Income statement) for some uncertain amount of known liability which will be incurred in the near future. To calculate the true profit or Read More …
Bank Reconciliation Statement: Bank Reconciliation Statement in short BRS, is an explanation of the difference between bank balance as per cash book and bank balance as per Passbook(Bank statement). Sometimes, The bank balance as per cash book and passbook do not Read More …
Introduction to Adjusting Entries According to an accrual concept of accounting we have to record all the income and expenses in the financial statement when they occur not when they paid. So, To perform the accrual concept we have to pass Adjusting Read More …
Trial Balance : Trial Balance is the statement that shows the total balance amounts of all the ledger accounts for the specific period i.e. for a month, for a quarter, for a six month, and for a whole year. “We Read More …
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 …