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 completes a business transaction, he records it in the rough or waste book in a short and summarized form. Then this business …

Classification of Accounts: Personal & Real & 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, gain, income, expense is known as account. An account is generally prepared for one complete year. The word Account in abbreviation, can …

Three Golden Rules of Accounting with Examples

In the commerce and finance field to create and pass the journal entries one must have the knowledge of accounting rules, those accounting rules are known as Three Golden Rules of Accounting, in short, Golden Rules of Accounting. Such rules are also known as three golden rules of commerce, three golden rules of finance, and …