Financial Accounting

Financial Accounting

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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Financial Accounting Feature images - Financial Accounting

Financial Accounting | Introduction | Functions

Financial Accounting: - Financial Accounting is measurement, processing, and communication of financial information about a business or organization.it is basic ...
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basic terminology of Accounting fi - 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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Principle of accounting feature image  - 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 the country's ...
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Accounting Cycle  - 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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Accounting Equation Feature Image - 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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Journal Feature Image - Financial Accounting

Journal Entries | Meaning | Format | Examples

Journal Entries:- Journal Entries in Accounting is the process of analyzing and recording of business transactions in chronological (day to ...
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Golden rules of Accounting feature image 1 - Financial Accounting

Golden rules of Accounting | Explained with examples

The Golden rules of accounting: Golden rules of Accounting is the basis of Journal and journal is the basis of the ...
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Modren rules of accounting feature image 1 - 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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Journal Entries Feature Image 1 1 - Financial Accounting

Basic Journal Entries | Journal | Examples

The Basic Journal Entries: - In this Article, We will explain you the Basic Journal Entries and after this chapter, You ...
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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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opening journal entry - 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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Discount Feature Image 1 1 - 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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Discount Received Feature Image  - 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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trade discount vs cash discount feature image - 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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outstanding expenses feature image 1 - 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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Prepaid expenses feature image - 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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accrued income feature image  - 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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prepaid income feature image  - Financial Accounting

What is Prepaid income | Example | Journal Entry

1. What is Prepaid income? Prepaid income means that income which is received but not earned. In other words, the ...
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Bad debts feature image  - 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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Bad debts recovered feature image 1 1 - Financial Accounting

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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ledger Feature image  - 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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Ledger Balancing Feature Image  - Financial Accounting

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 Feature Image - Financial Accounting

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 - Financial Accounting

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 - Financial Accounting

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 Feature Image - Financial Accounting

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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Cash book feature image 1375 X 1375  - Financial Accounting

Subsidiary Books | Types of Subsidiary Books | Example

Subsidiary Books: Books in which we record a specific type of transaction is caller subsidiary books because It is too difficult ...
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Cash book feature image - Financial Accounting

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 feature image - 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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Double column Cash book feature image - Financial Accounting

Double Column Cash Book | Subsidiary Books | Example

Double Column Cash Book: Double Column Cash Book has a two account column on both sides of the cash book.  ...
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Triple column Cash book with bank and discount column  - Financial Accounting

Triple Column Cash Book | Subsidiary Books | Example

Triple Column Cash Book: In Triple Column Cash Book here is three column in the cash book because every Businessman has ...
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Petty Cash book feature image 1 - Financial Accounting

Petty Cash Book | Example | Subsidiary Books

What is Petty Cash Book? When the head cashier pays some amount of cash to a petty cashier for petty ...
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Purchase Book Feature Image - Financial Accounting

Purchase Book | Types | Examples | Subsidiary Books

Purchase Book: Purchase Book is that book in which we have record all the business credit transactions related to the purchase ...
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Sale book feature image - Financial Accounting

Sales Book | Subsidiary Books | Examples

What is Sales Book? Sales Book is that book in which we record all the business credit transactions related to the ...
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Purchase Return Book Feature Images  - Financial Accounting

Purchase Return Book | Subsidiary Books | Examples

Purchase Return Book:- Purchase Return Book is that book in which we record the goods returned to the supplier or ...
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Sales Return Book Feature Image - 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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Bills Receivable Feature Image  - 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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Bills Payable Feature Image  - 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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Journal Proper Feature image  - 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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Depreciation feature image - 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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Straight Line Method Feature image  - 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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Diminishing balance method Feature image - 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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Annuity Method Feature image 1 1 - 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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Sinking Fund Method of DepreciationFeature image  - 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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Insurance Policy Method Feature image  - 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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Sum of Digits Method of Depreciation 1 - 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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Revaluation Method of Depreciation Feature image  - 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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Machine hour rate Method of depreciation Feature image 1 1 - 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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Kilometre Method of depreciation Feature image 1 1 - 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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Depletion Method of depreciation Feature image  - 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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Trial Balance Feature Image - Financial Accounting

Trial Balance | Explanation | Methods | Examples

Trial Balance :  Trial Balance is the statement that shows the total balance amounts of all the ledger accounts for ...
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Adjusting Entries Feature Image - Financial Accounting

Adjusting Entries | Explanation | Example

Introduction to Adjusting Entries According to an accrual concept of accounting we have to record all the income and expenses in ...
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Bank reconciliation Feature image  - Financial Accounting

Bank Reconciliation Statement | Process | Illustration |

Bank Reconciliation Statement: Bank Reconciliation Statement in short BRS, is an explanation of the difference between bank balance as per cash ...
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Provision in Accounting Feature Image 1 1 - Financial Accounting

Provision in accounting: Meaning, Types, Treatment

A provision in accounting:- The provision in accounting means that amount which is charged against Profit or loss account(Income statement) for ...
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Reserve meaning types feature image  - Financial Accounting

Reserve: Meaning, type, Accounting treatment

Reserve:- A reserve refers to that proportionate amount of net profit or surpluses which is retained for the future payments ...
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Provision and Reserve Feature Image  - Financial Accounting

Provision and Reserve: Differences with example

Provision and Reserve: To know to differences between provision and reserve we have to know the meaning of both the terms are shown ...
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Final Accounts Feature Image - Financial Accounting

Final Accounts: Definition and Explanation

Final Accounts : - Final Accounts gives an idea about the profitability and financial position of a business to its management, ...
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Trading Accounts Feature Image - Financial Accounting

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 ...
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