Tag: Accounts
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How does a checking account work?
Checking accounts are a fundamental part of life. It is a type of bank account that allows you to deposit money and withdraw it as needed, typically using a check or debit card.… Read more
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Does a fixed deposit counted towards the saving account’s minimum balance?
No, a fixed deposit does not count towards the minimum balance. I do have to appreciate you, if you come to this article searching such a logical question. The minimum balance requirement is… Read more
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Choosing business tactics for your future that fit your unique business
We live in an ever-changing world where people frequently have new ideas. Presently, corporations aren’t only on the rise, but small business owners are popping up everywhere as well. In addition to corporations… Read more
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Double-entry bookkeeping system
The Double Entry Bookkeeping system is scientific, perfect, and a complete method of recording business information in the books of accounts. Generally, in every business transaction, we find two accounts, out of which… Read more
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What is bookkeeping?
Bookkeeping is a systematic method of keeping and maintaining a record of day to day business transactions in words and figures in the books of accounts so as to show clearly and correctly… Read more
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Importance of Accounting in Business
Are you a business owner? Do you understand accounting? Relax, most business owners aren’t accountants; they rely on skilled professionals to do the numbers for them. However, having a basic understanding of accounting… Read more
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Journal entries in accounting [Basics]
Journal is one of the most important book of account, in which business transactions are recorded systematically. In layman’s term, we can say it is a book of daily records. When a businessman… Read more
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Classification of accounts: Personal, real, and nominal
An account is a list of business transactions falling under the same description for a given period of time. A systematic and summarized record of business transactions with respect to person, property, loss,… Read more
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Three golden rules of accounting with examples
In the accounting field, especially in the finance section, we are taught to create and pass the journal entries in the books of accounts. One must have knowledge of basic accounting rules in… Read more