What is Journal? Process, Example
What is Journal? A journal refers to a primary book of accounts in which all transactions of a business are recorded. A journal can also be defined as a chronological…
What is Trial Balance? Objectives, Preparation, Example, Limitations
What is Trial Balance? A trial balance is prepared at the end of the year after all accounting entries for the year are done and completed. All journal entries are…
What is Posting in Accounting? Rules, Types
What is Posting? Posting means a process in which all information in the journal is transferred to the relevant ledger accounts. There is a specific procedure to transfer these entries.…
What is Ledger in Accounting? Definition, Format
What is Ledger? Ledger is the principal book of accounts that contains all accounts covered in journal entries and in subsidiary books. All transactions are recorded in a tabular form…
What Is Journal in Accounting?
What Is Journal in Accounting? Journal is the first accounting book in which financial transactions of a business are entered for the first time. Therefore, journal is popularly known as…
Double Entry System of Accounting
What is Double Entry System of Accounting? Double-entry bookkeeping, in accounting, is a system of bookkeeping where every entry to an account requires a corresponding and opposite entry to a…
What is Cash Flow Statement? Uses, Objectives, Preparation, Limitations
What is Cash Flow Statement? A cash flow statement is a financial statement that shows the inflows and outflows of cash and cash equivalents for a business during a particular…
What is Management Accounting? Definition, Functions, Objectives
What is Management Accounting? Management Accounting is that field of accounting which deals with providing information including financial accounting, information to managers for their use in planning, decision making, performance…
Standard Costing: Definition, Features, Types, Advantages, Disadvantages
What is Standard Costing? Standard costing is a perfect system of controlling the costs and measuring efficiency and its development. It is a technique of cost reduction and cost control.…
What is Budgeting? Definition, Objectives, Process, Important
What is Budgeting? Classification of Budgeting control and standard costing systems are two essential tools frequently used by business executives for the purpose of planning and control. In the case…
