What is a Balance Sheet
Jennifer edwards Balance Sheet of a business is one of the most important of its financial statements. It is also known as the Financial Position Statement of a business. In simple words…
Depreciation in context with Income Statement and Balance sheet
Depreciation is one of the basic accounting terms that is applied to the degree of wear and tear that happens to a firm’s assets. With the help of depreciation accountants…
Trial Balance Sheet
A trail balance sheet is one of the most important financial documents of the double entry system. Trial balance of a business can be done at any time of the…
External and Internal Balance Sheet
A balance sheet is a financial statement of a business that can be use for internal and external purposes. The preparation of both internal and external balance sheets is for…
Vertical Analysis and Common Size Statements
Sana Ahmed Vertical Analysis and Common Size Statements: Definition and Explanation of Vertical Analysis and Common Size Statements: Vertical analysis is the procedure of preparing and presenting common size statements. Common size…
Distinction/Difference Between Trial Balance and Balance Sheet
Abida Rehman Distinction/Difference Between Trial Balance and Balance Sheet: Learning Objectives: What is the difference between trial balance and balance sheet? The following are the points of distinction/difference between trial balance and…
Difference Between Statement of Affairs and Balance Sheet
Difference Between Statement of Affairs and Balance Sheet: Learning Objectives: What is the difference between statement of affairs and balance sheet? As real or property accounts are not maintained and…
Difference Between Receipts and Payments Account and Income and Expenditure Account
Difference Between Receipts and Payments Account and Income and Expenditure Account: Learning Objectives: What is the difference between receipt and payment account and income and expenditure account? Receipts & Payment…
Cost Classifications on Financial Statements
Cost Classifications on Financial Statements: Learning Objectives of this Article: Prepare a schedule of cost of goods manufactured. Prepare income statement including a schedule of cost of goods sold. Merchandising…
Definition and Explanation of Cash Book
Rubab Ali Definition and Explanation of Cash Book: Learning Objectives: Define and explain cash book. How a cash book is balanced. Prepare a format of the simple cash book. Cash book is…
Final Accounts
Final Accounts: Learning Objectives: What is trading and profit and loss account? What is the the difference between trial balance and balance sheet? Prepare trading and profit and loss account…
Definition and Explanation of Accounting
Definition and Explanation of Accounting: Learning Objectives: Define and explain accounting. What are the main functions of accounting? Accounting is defined as "the art of recording, classifying and summarizing in…
Definition and Explanation of Single Entry System
Definition and Explanation of Single Entry System: Learning Objectives: Define and explain single entry system of bookkeeping. What are limitations of single entry system of accounting It is difficult to…
Examples of Trading and Profit and Loss Account and Balance Sheet
Trading account format and accounting trading and profit and loss account examples in balance sheet. Different solved problems in trading profit and loss a/c in final accounts format for carriage…