Definition An asset is an item of economic value which is expected to generate future economic benefits for the entity holding this asset. In more simple words the things purchased and possessed by the business are called assets. Assets are Read More …
Category: Financial Accounting Basics
This basic accounting course will give students and bookkeepers understanding of the basic accounting principles, entries and concept. Each topic will cover examples of real life business transactions from ledgers to financial statements.
i urge go through all accounting courses because each course depends on previous one. I hope these topics will enhance you understand of basic accounting.
Chart of Accounts – Definition Example Template
Chart of account is a complete list of all accounts that management believes to be used. While setting up chart of account, each account is assigned specific number and name for identification purposes.
Debits and Credits Definition Rules & Examples
In accounting language debits and credits are simply left and right side of the accounts. They merely show increase and decrease in specific accounts. Businesses under double entry accounting system record transaction minimum in two accounts. One amount will record Read More …
Accounting Equation Definition, Examples & Explanation
The total assets at any point of time will be equal to the funds mobilized by the business i.e. creditors’ claims and owners’ equity this relationship is known as accounting equation or balance sheet equation
Double Entry Accounting System Explanation & Examples
Double Entry Accounting system also known as double entry bookkeeping means every business transaction have two or more accounts effects