Double Entry System of Book Keeping

Double Entry System of Bookkeeping

Double Entry Accounting under the double-entry system of bookkeeping is the scientific, self-sufficient, and accurate system of accounting which states that every transaction has a corresponding and… Read Article
Debit and Credit

What are Debit and Credit

Debit and credit are two sides of the same accounting entry. These are the fundamental “effect” of each financial transaction. For maintaining correct accounting… Read Article
Accounting Period

What is Accounting Period?

The accounting period refers to the time period for which accounting books are balanced. The preparation of financial statements is done by business entities… Read Article
owner's equity

Owner’s Equity

Owner’s Equity: Meaning In simple terms, the definition of owner’s equity can be stated as “A part of the total value of a company’s… Read Article
Accounting

What is Accounting?

Accounting can be defined as the process of maintaining financial records and estimates and using the information to make critical financial decisions. In simple… Read Article