Financial Accounting By Shamroz Ahmad Arabzai

Financial Accounting By Shamroz Ahmad Arabzai To provide the information that is needed for sound economic decision making .prepare financial reports that provide information about a firm's performance

18/01/2017

Assets and expenses normally shows debit balance.

18/01/2017

Transactions are primarily recorded in journal

18/01/2017

Trial balance is prepared to check the accuracy

18/01/2017

The king of all books of accounts is ledger

18/01/2017

Transfer of entries from journal to ledger is called posting

02/01/2017

Withdrawal of capital is called drawings.

02/01/2017

Discount allowed at the time of purchases is treated as trade discount.

02/01/2017

Another name for Day book is journal.

02/01/2017

Journalizing

The act of recording each transaction in the journal is called journalizing.

02/01/2017

Revenue increases capital of the business.

17/12/2016

Classification of accounts

1 Real accounts
2 Nominal accounts

17/12/2016

The account has three parts

1 A title i.e. the name of the account
2 Left hand side .usually called Debit
3 Right hand side .usually called credit

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