Financial Accounting

Bank Reconciliation Statement (BRS) A Bank Reconciliation Statement (BRS) is a financial document...

How to Prepare a Bank Reconciliation Statement (BRS) A Bank Reconciliation Statement (BRS) is a s...

=== "Bank Reconciliation Statement Concept" === "Problem 1" === "Problem 2" === "Problem 3" T...

Journal in Accounting A journal is a record of financial transactions where transactions of a bus...

Simple Journal Entries In double-entry bookkeeping, a simple journal entry is a type of accountin...

Goods and Services Tax (GST) The Goods and Services Tax (GST) is a unified, indirect tax system t...

Capital Expenditures (CapEx) and Revenue Expenditures (RevEx) In accounting, Capital Expenditures...

In accounting, capital receipts and revenue receipts are two categories used to classify the cash...

Contingent Assets and Liabilities Contingent assets and liabilities are potential assets and liab...

Ledger A Ledger is a book that contains all the accounts used to record financial transactions, a...

Preparation of Trial Balance A Trial Balance is a statement that lists all the general ledger acc...

Introduction to Tally Tally Solutions Pvt. Ltd., formerly known as Patronics Pvt. Ltd., is a comp...

Steps to Create a Company in Tally Prime 1. Launch Tally Prime Open the Tally Prime application....

What is an Inventory Group? An Inventory Group in Tally Prime is used to categorize stock items b...

1. What is a Voucher? A Voucher in accounting is a document that supports the entries made in the...

1. Steps to Generate Trial Balance in Tally Prime Generating a Trial Balance in Tally Prime is si...

1. Steps to Generate Income Statement in Tally Prime To generate an Income Statement in Tally Pri...

In accounting, errors may occur during the recording of financial transactions. These errors, if ...

Errors in accounting are mistakes that occur during the process of recording, classifying, or sum...

Rectification of financial accounts refers to the process of identifying and correcting errors or...

In accounting, errors can occur at various stages, such as during journal entry, ledger posting, ...

A Trading Account is an essential financial statement that helps calculate the Gross Profit or Gr...

A Profit and Loss Account (P&L Account) is a financial statement that shows a company’s net profi...

A Balance Sheet is a financial statement that shows the financial position of a business at a spe...

Subsidiary books are a set of specialized books used in accounting to manage and simplify the pro...

The Sales Book is a specialized accounting book used to record all credit sales of goods. It only...

The Sales Return Book, also known as the Return Inward Book, records the return of goods previous...

The Purchase Book is a specialized accounting book used to record all credit purchases of goods o...

The Purchase Book is a specialized accounting book used to record all credit purchases of goods o...

A Cash Book is a financial record used to track all cash-related transactions of a business. It r...

The Single Column Cash Book is a basic type of cash book used to record all cash transactions of ...

The Double Column Cash Book is an extension of the single column cash book, with an additional co...

A Three Column Cash Book is an extension of the double column cash book, with an additional bank ...

Accounting Concepts: Accounting Concepts can be described as the basic assumptions or fundamental...

Accounting conventions denote customs or traditions that are used as a guide in the preparation o...

Understanding Accounting Practice Accounting practice refers to the process of recording and mana...

GAAP (Generally Accepted Accounting Principles) is a comprehensive set of accounting rules and p...

Accounting, at its core, is a function that aims to accumulate and communicate information essent...

Accounting Equation The accounting equation represents the relationship between the assets, liabi...

There are two main systems of accounting used to record business transactions. These are the Sing...

The accounting cycle is an essential, standardized process that follows eight steps to track, rec...

Different Types of Accounts In accounting, there are three main types of accounts. These classifi...

Bookkeeping is a key part of financial accounting, but it is only one aspect of the overall proce...

Accounting Standards are authoritative standards for financial reporting and form the primary sou...

The International Financial Reporting Standards (IFRS) is a system of accounting principles widel...