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Accounting Sheet > Archive for Financial Accounting Basics

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.

Asset Definition Types and Examples

August 19, 2016 Abdul Qadeem

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 …

Financial Accounting Basics

Chart of Accounts – Definition Example Template

July 22, 2016July 22, 2016 Abdul Qadeem

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.

Financial Accounting Basics

Debits and Credits Definition Rules & Examples

July 12, 2016July 19, 2016 Umar Farooq

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 …

Financial Accounting Basics

Accounting Equation Definition, Examples & Explanation

June 30, 2016July 28, 2017 Umar Farooq

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

Financial Accounting Basics

Double Entry Accounting System Explanation & Examples

June 29, 2016June 30, 2016 Abdul Qadeem

Double Entry Accounting system also known as double entry bookkeeping means every business transaction have two or more accounts effects

Financial Accounting Basics
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