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Contents tagged with Bookkeeping


Double-entry bookkeeping system

By AtulHost in Finance and Investments ⋅ December 22nd, 2020
Bookkeeping

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 one account is given debit effect and another account is given credit effect. In other words, in this system for every debit, […]

What is bookkeeping?

By AtulHost in Finance and Investments ⋅ December 16th, 2020
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 the financial position of a business. Thus bookkeeping involves the following actions: To record summarized and systematic financial business transactions in the […]

Journal entries in accounting [Basics]

By AtulHost in Finance and Investments ⋅ November 29th, 2016
Journal Entries

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, and nominal

By AtulHost in Finance and Investments ⋅ March 7th, 2016
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

By AtulHost in Finance and Investments ⋅ September 23rd, 2015
Three Golden Rules of Accounting

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 […]

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