Financial Accounting Tutorial

Financial Accounting

We will explain to you all terms related to Financial Accounting in this Tutorial in a very simple and easy way.

Meaning of Financial Accounting:

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 a particular financial year.

 

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Financial Accounting | Introduction | Functions

Financial Accounting is measurement, processing, and communication of financial information about a business or organization.it is basic accounting or initial ...
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Financial Accounting Terminology

If you are starting the study of Financial Accounting then firstly you have to know about important/Basic Financial Accounting Terminology. Because ...
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Basic Accounting Principles (GAAP) – Explanation

Every company must follow some principles, rules and guidelines to prepare the books of accounts or financial statement which is ...
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What is the accounting cycle | Example | Diagram

The accounting cycle is the step by step process of recording, classifying and summarising business transaction for the particular financial ...
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What is Accounting Equation | Example

What is Accounting Equation: Accounting Equation is the basis of the double-entry system of accounting. The double-entry system means every ...
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How to make Journal Entries in Accounting – Explanation

Journal Entries in Accountingis the process of analyzing and recording business transactions in chronological (day to day) order. In this ...
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Golden rules of Accounting | Explain with example

Golden rules of Accounting are the basis of recording all day to day financial business transaction. In which book we ...
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The Modern Approach of Accounting

The Journal is the basis of the accounting system, In Journal we record day to day transaction of business. For ...
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Basic Journal Entries | Journal | Examples

In this article, We will explain you the Basic Journal Entries and after this chapter, You will know about all ...
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Compound Journal Entry | Examples | Journal

In the transaction, Where more than two accounts of Debit, Credit or both are involved and recorded this transaction in ...
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Opening Journal Entry | Example | Journal

According to the going concern principle of accounting, The business has a long life means for the number of financial years. Every ...
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Journal Entry for Discount Allowed | Examples | Journal

Before passing Journal Entry for Discount Allowed, we have to know about the meaning of discount and its type. Meaning: ...
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Journal Entry for Discount Received – with Examples | Journal

Before passing Journal Entry for Discount Received, we have to know about the meaning of discount and its type. The ...
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Journal entry for outstanding expenses | Example

Journal entry for outstanding expenses are very simple to remember but the application of golden rules of accounting on it ...
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What is Prepaid expense | Example | Journal Entry

journal entry for the prepaid expense is very simple to remember. As discussed in the previous topic on pre-paid expenses ...
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What is Accrued income | Example | Journal Entry

Accrued income means that income which is earned but yet not received By the Business enterprises. In other words, the ...
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What is Prepaid income | Example | Journal Entry

Prepaid income means that income which is received but not earned. In other words, the income received by the company ...
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What is Bad Debt | Example | Journal Entry

What is Bad debt? Bad debts are that amount which we can not recover from account/trade receivable after applying our ...
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What are Bad debts recovered | Example | Journal Entry

Click on the topic name to Jump directly to Topic you want to Read: What is bad debt recovered? Journal ...
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What is Ledger – Explained with Example

We have explained the whole topic of the ledger in the following parts to understand to proper meaning and utilization ...
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Ledger balancing or Closing of ledger account | Ledger

Ledger balancing: - The Ledger balancing of an account means that when the postings of transactions into the ledgers are ...
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Expenses Ledger account balancing | Ledger

Expenses Ledger account: - Expenses Ledger account means those specific ledger accounts which are related to that amount which is ...
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Income Ledger account balancing Feature Image 300x300 - Financial Accounting Tutorial

Income Ledger account balancing | Ledger

Income Ledger account: - Income Ledger account means those specific ledger accounts which are related to that amount which was ...
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Assets Ledger account balancing Feature Image 300x300 - Financial Accounting Tutorial

Assets Ledger account balancing | Ledger

Assets Ledger account: - Assets Ledger account are those accounts which are related to assets of the business. Assets mean something ...
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Liabilities Ledger account balancing | Ledger

Liabilities Ledger account: - Liabilities Ledger account means those specific ledger accounts which are related to that amount which is ...
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Subsidiary Books and its Types – Example

Subsidiary Books: Books in which we record a specific type of transaction is caller subsidiary books because It is too ...
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Cash Book | Types of Cash Book | Subsidiary Books

Cash Book: In Cash book, we will record the all-cash transaction of the business. This book keeps the record of ...
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Single Column Cash Book | Explained with Example

Single Column Cash Book is very simple because it is similar to the cash account. it has only one column ...
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Double Column Cash Book | Explained with Example

Double Column Cash Book has a two account column on both sides of the cash book.  it is three Type shown ...
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Triple Column Cash Book | Explained with Example

In Triple Column Cash Book here is three column in the cash book because every Businessman has a minimum of one ...
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