Everything you wanted to Know about Basic Accounting but were afraid to ask
A business is known by the profit it makes and accounting helps it to keep a proper track of each transaction. Now as the business grows and expands the accounting tasks becomes not only more and more crucial but also voluminous. Every minor transaction and even the minutest details need to be accounted for to [...]
Are you thinking of selling goods and/or services on the web? If so, you will probably considering getting a merchant account processing service to accept credit cards on your site. What is a merchant account processing? A merchant account processing service allows sellers to accept credit cards, debit cards or any other forms of payment [...]
A frequent cause of personal financial difficulties is the failure of a business and the attendant business-related liabilities personally owed by the company owner. These individuals must often file for bankruptcy or make a proposal to their creditors as result of business-related debts. Debtors completing their bankruptcy/ proposal often wish to start up another business [...]
Here’s something on the internet that’s a godsend: free online bookkeeping courses. Do you think bookkeeping is confusing? If you’re like me, you can balance a checkbook or household budget just fine, but when you start trying to figure out assets and liabilities, it gets confusing. It might be easier if they used minus signs [...]
In this series of articles it proposed to cover the following topics. In this article I have discussed the first one given below. More articles describing the other listed topics below may soon be published. Meaning of Bookkeeping Definition and objectives of Bookkeeping Accounting Systems Branches of Accounting Uses of Accounting Limitations of Financial Accounting [...]
Customer bills that are unpaid after the terms that were set are considered past-due accounts. Many business owners and managers have a billing processes, but no process for collecting on past due accounts. One of the biggest dilemmas small business owners face when managing a business in collecting on past-due accounts. Why, do we have [...]
When you have home based business you fill many roles. One in particular is the role of company accountant or bookkeeper. Many businesses use QuickBooks to handle their accounting needs as do I. The benefits of using QuickBooks are endless. Mainly the program provides an easy way to invoice your clients and keep track of [...]
Traders are required to maintain different books for keeping accounts relating to business which are as under: (I) Journal (2) Ledger (it shall be explained in another article) Journal In order to study the journal, certain related terms along with the procedure of accounting must be studied, which are as follows : The Account Transactions [...]
Personal Accounts Accounts recording transactions relating to individuals or firms or company are known as personal accounts. Personal accounts may further be classified as : (1) Natural person’s personal accounts: The accounts recording transactions relating to individual human beings e.g., Anand’s A/c, Remesh’s A/c, Pankaj’s A/c are classified as natural person’s personal accounts. (2) Artificial [...]
Advantages (Objectives of Trial Balance) 1. It ensures that the transactions recorded in the books of accounts have identical debit and credit amount. 2. Balance of each ledger account has been computed correctly. 3. Balance of each and every ledger account has been transferred accurately and on the correct side of the sheet on which [...]