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06/04/2025

Accounting is the language of business. Learning accounting will help you in managing your business.
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Accounting is the language of business. It is the language that is well understood in the conduct of business.

27/06/2023

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02/05/2022

Vacancy

A reputable Senior High School is looking for a qualified personnel to teach the following:
Financial Accounting
Cost Accounting and
Business Management.

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17/01/2021

Accrued Expenses These refer to expenses incurred within a reporting period but not paid at the end of that reporting period. Accounting Treatment Debit Profit and Loss Account (with total expense incurred) Credit Cashbook (with part payment) Credit Accrued Expenses Account (with the balance owed) Prepaid Expenses These occur where the payment made for expenses exceed the actual expenses incurred....

Accrued Expenses These refer to expenses incurred within a reporting period but not paid at the end of that reporting period. Accounting Treatment Debit Profit and Loss Account (with total expense …

10/01/2021

Further Adjustment- Provisions and Reserves

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10/01/2021

An income statement communicates information about an entity’s financial performance by summarizing incomes less expenses over a period of time. For a sole trader this statement can be categorised into three/two sub-sections depending on the nature of business. A manufacturing entity may prepare Manufacturing Account, Trading Account and Profit or Loss Account, whilst a trading entity may prepare Trading Account and Profit or Loss Account....

An income statement communicates information about an entity’s financial performance by summarizing incomes less expenses over a period of time. For a sole trader this statement can be categorised …

10/01/2021

Recording of transactions of a business entity is done in the books of prime entries and then posted from there to the ledger accounts. The trial balance is extracted from the ledger accounts balances to test for the arithmetic accuracy of the recorded transactions. The final accounts (also referred to as the financial statements) are prepared after the preparation of the trial balance....

Recording of transactions of a business entity is done in the books of prime entries and then posted from there to the ledger accounts. The trial balance is extracted from the ledger accounts balan…

08/01/2021

The existence of accounting standards is to: Eliminate ambiguity: There are times where uncertain events create confusion as to how the transactions are to be treated in the books of account. Accounting standards provides principles on how a transaction is to be treated. Facilitate comparison: Comparison of financial statements of firms of similar business is effective if the firms followed single unified standards....

The existence of accounting standards is to: Eliminate ambiguity: There are times where uncertain events create confusion as to how the transactions are to be treated in the books of account. Accou…

08/01/2021

Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognised, measured, presented and disclosed in the financial statements. International Accounting Standard Board (IASB) is the standard setting body of the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs)....

Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions…

08/01/2021

Though the concepts and policies for preparing financial statements have several advantages, they also have limitations. A financial statement drawn on a going concern basis may mislead users, if the entity ceases trading shortly after preparation and presentation of accounts on going concern. As per the money measurement concepts, transaction and events that cannot be measured in monetary terms are ignored. With regards to prudence concept, the tendency to understate asset tend to lower the share price of the entity

Though the concepts and policies for preparing financial statements have several advantages, they also have limitations. A financial statement drawn on a going concern basis may mislead users, if t…