Tag: nominal account

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 completes a business transaction, he records it…

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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, gain, income, expense is known as account.…

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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 order to maintain the transactional entries. There…

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