Tag: Bookkeeping
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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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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