[Debit] Cash account
[Credit] bank account
These are accounting journals where financial transactions are initially recorded....
* Financial Accounting with Double Entry Bookkeeping * Principles of Accounting * Basic Book of Accounting – Journal * Accounting Ledger * Accounting Sub Journals – Cash Cook * Subsidiary Accounting Books * Accounting Verification by Trial Balance * Banking Transactions Bank Reconciliation Statement * Depreciation * Rectification Of Accounting Errors * Balance Sheet and Profit and Loss Account * Single Entry Bookkeeping Accounting System * Non Profit Organization Accounting * Capital and Revenue * Reserves and Provisions
Type your answer here... tally is a financial accounting with inventory and account only
Middle City offers a basic free on line tutorial about financial accounting. Dwmbeancounter also offers videos that cover bookkeeping terminology, double entry bookkeeping, and financial statements.
How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits.
Adjusting entries are made at the end of the accounting period before the financial statements to make sure the accounting records and financial statements are up-to-date. Reversing entries are made on the first day of an accounting period to remove any adjusting entries necessary to avoid the double counting of revenues or expenses.
Double Entry Accounting is introduced by Lucas Paciolli
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
An accounting clerk is a financial record keeper who uses specialized ledgers and software to record and process expenditures, receipts, payroll and all other financial transactions for a business or organization. This position requires an aptitude for math, attention to detail, familiarity with basic accounting procedures, and computer and ten-key proficiency. Jobs in this field range from entry level accounting data entry clerks, to full-charge bookkeepers.
In financial accounting, you will need to debit the warranty expense account and credit the accrued warranty liability account. You can also use the account name prepaid expense instead of the warranty expense account.
Matching" in accounting means to make an entry in the journal