Financial Accounting

Financial Accounting
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Financial Accounting Tutorial

We will explain you Financial Accounting in this Tutorial is 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 the particular financial year.

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1x1.trans - Financial Accounting

Introduction to Financial Accounting

Financial Accounting: - Financial Accounting is measurement, processing, and communication of financial information about a business or organization.it is basic ...
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1x1.trans - Financial Accounting

Financial Accounting Terminology

Financial Accounting Terminology: - If you are starting the study of Financial Accounting then firstly you have to know about important/Basic ...
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1x1.trans - Financial Accounting

Basic Accounting Principles and Guidelines

Introduction: Every company must follow some rules and guidelines to prepare the financial statement which is pre-defined by country's law ...
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1x1.trans - Financial Accounting

What is accounting cycle | Example | Diagram

Accounting cycle is the step by step process of recording, classifying and summarising business transaction for the particular financial year ...
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1x1.trans - Financial Accounting

What is Accounting Equation | Example

What is Accounting Equation: Accounting Equation is a basis of double entry system of accounting. Double entry system means every ...
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1x1.trans - Financial Accounting

What is a Journal in Accounting?

Journal of Accounting is a book that is maintained on a daily basis for recording all the financial entries of ...
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1x1.trans - Financial Accounting

Golden rules of Accounting | Explained with examples

The Golden rules of accounting: The Journal is the basis of the accounting system, In Journal we record all day ...
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1x1.trans - Financial Accounting

Modern Approach of Accounting

Modern Approach of Accounting The Journal is the basis of the accounting system, In Journal we record all day to ...
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1x1.trans - Financial Accounting

The important Journal Entries | Journal

In this Article, We will explain you all some Journal Entries and after this chapter, You will know about all journal ...
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1x1.trans - Financial Accounting

Compound Journal Entry | Examples | Journal

When more than two accounts are involved in single transactions is known as the compound transaction and will record as ...
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1x1.trans - Financial Accounting

Opening Journal Entry | Example | Journal

According to going concern principle of accounting, The business has a long life means for the number of financial years. Every accountant ...
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1x1.trans - Financial Accounting

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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1x1.trans - Financial Accounting

Journal Entry for Discount Received | Examples | Journal

Before passing Journal Entry for Discount Received, we have to know about the meaning of discount and its type. Meaning: ...
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1x1.trans - Financial Accounting

Difference Between Trade Discount and Cash Discount

To Know the Difference Between Trade Discount and Cash Discount we have to know the meaning of the both with ...
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1x1.trans - Financial Accounting

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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1x1.trans - Financial Accounting

What is Prepaid expense | Example | Journal Entry

Journal entry for prepaid expenses is very simple to remember. As discussed in the previous topic on pre-paid expenses also ...
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1x1.trans - Financial Accounting

What is Accrued income | Example | Journal Entry

Click on the topic name to Jump directly to Topic you want to Read: What is Accrued income? Journal entry ...
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1x1.trans - Financial Accounting

What is Prepaid income | Example | Journal Entry

Click on the topic name to Jump directly to Topic you want to Read: What is prepaid income? Journal entry ...
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1x1.trans - Financial Accounting

What is Bad Debt | Example | Journal Entry

Click on the topic name to Jump directly to Topic you want to Read: What is Bad debt? Journal entry ...
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What is 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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1x1.trans - Financial Accounting

Ledger | Meaning | Type of ledgers | Posting | Example

Ledger: We have explained the whole topic of the ledger in the following parts to understand to proper meaning and ...
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1x1.trans - Financial Accounting

Ledger balancing or Closing of ledger account | Ledger

When the postings are over, each ledger account is totalled and balanced. The Ledger balancing of an account means ascertaining ...
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1x1.trans - Financial Accounting

Subsidiary Books | Cash Book | Types of Cash Book

Subsidiary Books: It is too difficult to records all business transaction in the journal in practical. In order to make ...
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1x1.trans - Financial Accounting

Single Column Cash Book | Subsidiary Books | Example

Single Column Cash Book: Single Column Cash Book is very simple because it is similar to the cash account. it ...
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1x1.trans - Financial Accounting

Double Column Cash Book | Subsidiary Books | Example

Double Column Cash Book: Double Column Cashbook has a two account column on both sides of the cash book.  it ...
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1x1.trans - Financial Accounting

Triple Column Cash Book | Subsidiary Books | Example

Triple Column Cash Book: Every Businessman has a minimum of on current account in the bank. it is a very ...
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1x1.trans - Financial Accounting

Petty Cash Book | Subsidiary Books | Example

Petty Cash Book: When head cashier pays some amount of cash to a petty cashier for petty expenses then he ...
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1x1.trans - Financial Accounting

Purchase Book | Subsidiary Books |Examples

Purchase Book is that book in which we record all the business credit transactions related to the purchase of goods only. It ...
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1x1.trans - Financial Accounting

Sales Book | Subsidiary Books | Examples

Sales Book is that book in which we record all the business credit transactions related to the sale of goods only. It ...
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1x1.trans - Financial Accounting

Purchase Return Book |Subsidiary Books | Examples

Purchase Return Book is that book in which we record the goods returned to the supplier or the vendor. it ...
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1x1.trans - Financial Accounting

Sales Return Book | Subsidiary Books | Examples

Sales Return Book is that book in which we record the goods returned by the customers or buyers. It is ...
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1x1.trans - Financial Accounting

Bills Receivable Book | Subsidiary Books | Examples

Bills of Exchange / Bills Receivable (B/R) : - Bills of Exchange is an instrument in writing form which is ...
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1x1.trans - Financial Accounting

Bills Payable Book | Subsidiary Books | Examples

Bills of Exchange / Bills Payable (B/P) : - As we already discussed in the previous topic, Bills of Exchange ...
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1x1.trans - Financial Accounting

Journal Proper | Subsidiary Books | Examples

What is Journal Proper? Journal Proper is original entry books like as all subsidiaries Books. All those transactions which can not ...
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1x1.trans - Financial Accounting

What is Depreciation | Methods | Examples

What is Depreciation? It means the decrease in the value of Fixed assets by passing time. It is charged only ...
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1x1.trans - Financial Accounting

Straight Line Method of Depreciation | Example |

Straight Line Method: -  In Straight Line Method, we calculate the fixed amount of depreciation on the original cost of ...
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1x1.trans - Financial Accounting

Diminishing Balance Method of Depreciation | Example |

Diminishing Balance Method: In Diminishing Balance method, we have calculated the depreciation on the closing value of an asset and ...
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1x1.trans - Financial Accounting

Annuity Method of Depreciation | Example |

Annuity Method: In Annuity method, we will calculate a fixed amount of depreciation on the original cost of an asset but also ...
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1x1.trans - Financial Accounting

Sinking Fund Method of Depreciation | Example |

Sinking Fund Method: In Sinking Fund Method will provide us with an amount of depreciation as well as provide funds ...
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1x1.trans - Financial Accounting

Insurance Policy Method of Depreciation | Example |

Insurance Policy Method:  In Insurance Policy Method, An endowment policy is taken from an insurance company for an amount which ...
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1x1.trans - Financial Accounting

Sum of Digits Method of Depreciation | Example |

Sum of Digits Method:  The Sum of digits method is formed due to the decrease in the productivity of an ...
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1x1.trans - Financial Accounting

Revaluation Method of Depreciation | Example

Revaluation Method of Depreciation: Under Revaluation Method of Depreciation, where we did not know the accurate life of an asset ...
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1x1.trans - Financial Accounting

Machine Hour Rate Method of Depreciation | Example

Machine Hour Rate Method of Depreciation: Machine Hour Rate Method of Depreciation is applicable to those assets of which we ...
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1x1.trans - Financial Accounting

Mileage or Kilometre Method of Depreciation | Example

Mileage or Kilometre Method of Depreciation: Mileage or Kilometre Method of Depreciation is very much similar to the Machine hour ...
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1x1.trans - Financial Accounting

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 ...
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