f Financial statements Financial statements, these are typically prepared at regular intervals, usually at the end of an accounting period. The most common accounting periods are: 1. Monthly: Some businesses, especially smaller ones or those with more frequent financial reporting needs, prepare financial statement on a monthly basis. This allows for more frequent monitoring… Read More »
Book keeping and Accountancy class 11 Book keeping and Accountancy class 11, In Class 11, students are introduced to the fundamentals of bookkeeping and accountancy. The subject aims to provide students with a basic understanding of financial transactions, recording them accurately, and preparing financial statements. Here are some of the key topics cover in Class… Read More »
Bookkeeping accountant job description A bookkeeping accountant, alternatively referred to as a bookkeeper or accounting clerk, assumes a vital position in upholding accurate financial records and verifying the precision of monetary transactions within an organization. Here is a general job description for a bookkeeping accountant: Financial Record Keeping: Maintain accurate and up-to-date financial records… Read More »
Basic accounting terminologies 1.Assets: Resources owned by a business that has monetary value and are expected to provide future benefits. 2.Liabilities: Obligations of a business to pay debts or other financial obligations. 3.Equity: Equity refers to the ownership interest in a company or property, representing the residual value after all liabilities have been paid… Read More »
Need for preparing for a Trial Balance The purpose of preparing a trial balance is to ensure the accuracy of the accounting records by checking whether the total debits equal the total credits. A trial balance is a list of all the accounts in the general ledger along with their debit or credit balances. The… Read More »
Books of Accounts and Financial Statements Introduction In the world of finance and accounting, two terms frequently arise: Books of Accounts and Financial Statements. Both are essential for businesses, yet they serve different purposes and have distinct characteristics. Understanding the difference between these two is crucial for business owners, accountants, and stakeholders alike. 1.… Read More »
