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How to Record Journal Entries in Accounting
In a previous discussion, we explored the classification of journals into several categories. Recording journal entries in accounting...
3 min read


What is a Journal and Its Format?
A journal serves as the primary book of accounts where all business transactions are recorded systematically in chronological order. Each...
2 min read


Understanding the Books of Accounts Maintained by Businesses
We have now reached the practical demonstration of the accounting process. It is crucial to understand how books of accounts are prepared...
3 min read


Single Entry Accounting System
The single-entry accounting system is considered incomplete because it does not provide a comprehensive view of a business's financial...
2 min read


Double Entry Mechanism
The double entry mechanism in accounting involves recording each transaction in two parts: one account is debited and another is...
2 min read


Understanding the Hybrid Basis of Accounting Method
The Hybrid Basis of Accounting combines the best features of both the accrual and cash basis methods. The accrual basis ensures accuracy,...
1 min read


Understanding the Accrual Basis of Accounting Method
When managing a business’s finances, choosing the right accounting method is crucial. Two of the most widely used methods are the accrual...
2 min read


Basis of Accounting: A Focus on the Cash Basis Accounting Method
The basis of accounting refers to the timing and principles under which revenues and expenses are recognized in the financial records....
2 min read


Types of Accounts and Rules for Making Accounting Entries (Golden Rule)
Types of accounts and the rules for making entries in accounting is fundamental to recording business transactions properly. The term...
3 min read


Accounting Rules for Debits and Credits
In accounting, understanding Accounting Rules for Debits and Credits is essential for the preparation of financial statements. This is...
2 min read


What is Debit, Credit and Accounts?
In our previous article, " The Accounting Equation and How Transactions Impact It " Â we discussed how accounts remain balanced in the...
2 min read


The Accounting Equation and How Transactions Impact It
The Accounting Equation Let’s explore the accounting equation, which ensures that all business accounts remain balanced. We'll break down...
4 min read
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