accounting

Bookkeeping

Bookkeeping, Accounting and the Double-Entry Principle

Principles of Bookkeeping And Accounting. Thousands of years ago, there were no standard permanent records of business transactions, but with the advancement of education and civilization, accounting data are recorded in books, hence, the term bookkeeping. The goal of the summary is to give you an insight into Bookkeeping, Accounting, and Double-entry Principles. Also, to …

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Accounting Branches

Branches of Accounting – 8 Types of Accounting

Accounting can be classified in various ways. This includes Accounting as an information system, Accounting as a Profession, Public Accounting, Private Accounting, Government Accounting, Financial Accounting, Cost Accounting, and Management Accounting. Branches of Accounting Financial Accounting is prepared to ascertain the strengths and weaknesses of an organization in terms of Profit and Loss of the …

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Importance

Importance of Accounting in an Economy

Accounting is no doubt, the universal language of business and figure. Those that fluently speak the language are called accountants. Without appreciating the importance of accounting, business and financial environment will be full of financial trouble, global economic meltdown and lack of direction. Now, what are the importance of Accounting? Subscribe to our YouTube channel …

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Contract Costing

Contract Costing – Format for Notional Profit

In this summary, you will learn the definition of the term Contract Costing, The Characteristics and Problems associated with a Contract, Terminologies in Contract Costing, Accounting for Contracts and the Format for Calculating Notional Profit. What is Contract Costing Contract Costing is a form of specific order costing method used for a project which takes …

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Ledger Accounts

Ledger Accounts and Trial Balance +Video Guide

Ledger Accounts and Trial Balance. In this article, Ledger Accounts, you are going to learn the definition of the term “Trial Balance”, the rules for identification of balances, characteristics of items that can be combined, how to balance off the ledger account and the extraction of a trial balance. Read also; 1,2, and 3 Column …

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