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Saturday, March 8, 2014

Features of Double Entry System of Book Keeping

by Saleh S. Abu-keshek on 9:52 PM
The Double entry system of book keeping comprises of the following features : Every business transaction affects two accounts. Each transaction has two aspects, i.e., debit and credit. Maintains a complete record of all business transactions. Helps to check the accuracy of the accounting transactions, by preparation of trial balance. Helps ascertaining profit earned or...

Accounting Principles, Concepts and Conventions

by Saleh S. Abu-keshek on 8:20 PM
The Accounting Principles, concepts and conventions form the basis for how business transactions are recorded. A number of principles, concepts and conventions are developed to ensure that accounting information is presented accurately and consistently. Some of these concepts are briefly described in the following sections. Revenue Realisation According to Revenue Realisation concept, revenue is considered as the income earned on the date, when it is realised. As per this concept, unearned...

Types of Accounts

by Saleh S. Abu-keshek on 7:57 PM
 Types of Accounts There are basically three types of Accounts maintained for transactions : Real Accounts Personal Accounts Nominal Account...

Rules of Debit and Credit

by Saleh S. Abu-keshek on 7:13 PM
Rules of Debit and Credit In this video, you will learn in depth about accounting of business transactions and learn about how they affect different accounts, and how to apply the rules of debit and credit in different situations....

Monday, February 10, 2014

Historical Cost and Fair Value

by Saleh S. Abu-keshek on 1:11 PM
Difference between Historical Cost and Fair Value Accounti...

Accounting Principles 7/e Ch/1

by Saleh S. Abu-keshek on 12:01 PM
CH 1 : ACCOUNTING IN ACTION After studying this chapter, you should be able to: Explain what accounting is. Identify users and uses of accounting. Understand why ethics is a fundamental business concept. Explain the meaning of generally accepted accounting principles and the cost principle. Explain the meaning of the monetary unit assumption and the economic entity assumption. State...

Sunday, February 9, 2014

Post adjusting entries

by Saleh S. Abu-keshek on 6:35 PM
There are five types of adjusting entries: Accruals :An accrual involves an event that has occurred for which the related cash flow has not yet taken place. Accrued revenue—The company has delivered a product or service to a customer  but has not yet been paid. Accrued expense—The company has used up a good or service but not yet paid for it. ...
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