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 (GAAP) – Explanation
What is accounting cycle | Example | Diagram
What is Accounting Equation | Example
How to make Journal Entries in Accounting – Explanation
Golden rules of Accounting | Explained with examples
Basic Journal Entries | Journal | Examples
Meaning of Credit is adding an amount of cash or fund into the owner’s equity, liabilities or income accounts and subtracting from the expenses or assets accounts. The word Credit is also abbreviated as “Cr.” It is always operated opposite Read More …
Meaning of Debit is adding an amount of cash or fund into the expenses or assets accounts and subtracting from the owner’s equity, liabilities or income accounts. ‘Debit’ word comes from the Latin word debate which means to owe. The Read More …
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 …
Negotiable Instrument Is that document which contains a promise by one person to pay a specific amount to another certain person. In simple word, It is a written promise to pay a certain amount by the borrower to the lender Read More …
Promissory Note: A promissory note is an instrument that contains the written and signed promise by the maker(debtor) to pay a certain amount to the creditor at the specific date or on demand. “A Promissory Note is an writing (not being Read More …
A bill of exchange is an instrument that contains a promise to pay some amount of money to a certain person after a certain period of time. It is generally drawn by the creditor(maker or drawer) on his debtor(acceptor or Read More …
Suspense Account: – The suspense account is that account in which we have to record the all those business transactions which have incomplete information. Sometimes, An accountant did not have a proper information about the transaction but he has to Read More …
Error Rectification in accounting:- An error means the mistake. When we are doing some work here a number chances to do mistake also. So, while an accountant recording, posting or balancing the ledger account there are numbers of chances that Read More …
Difference Between Cash Accounting and Accrual Accounting: – The business financial transaction means those transactions which have some monetary values and we can record these transactions in the book of accounts in two way one is cash basis system and Read More …
Income Statement:- Income Statement shows all expenses incurred and revenue earned during a particular period. It is prepared to find out the Net Earning of the business for the particular accounting period. It is also known as Profit and loss Read More …