After all transactions have been posted from the journal to the ledger, a Trial Balance is prepared to check the arithmetical accuracy of the ledger...
The sub-division of the journal into various books for recording transactions of similar nature are called subsidiary books.
Every business company records its day to...
The Balance Sheet equation also known as Accounting equation is the fundamental principle of accounting. It shows what a company owns, what a company...
Journal entries are the first step in the accounting cycle and are used to record all business transactions and events in the accounting system. In this step,...
The proper allocation of capital items and revenue items are important for the fundamental principles of correct accounting. The wrong classification of items would...
"Carriage" simply means transport or shipping costs. For example, the cost of transporting goods by ship or by train.
WHAT IS CARRIAGE INWARD ?
Carriage inwards is an expense...
Accounting standards are rules and guidelines set up by governing bodies, like (FASB) Financial accounting standards board and (IASB) International Accounting Standards Board, to keep accounting practices...