Accrual Accounting

The accounting cycle comprises of eight collaborative steps. They are:Identifying and analyzing the transactions Recoding these transactions into the general journal Posting to the General Ledger Preparing a trial balance Making adjusting entries Preparing an Adjusted Trial Balance Preparing financial statements Closing accounts

When a sole proprietor or the business owner withdraws assets such as goods or cash from business for his personal use, accounting termed it as ownerโ€™s drawing.

Reversing entries in accounting records at the beginning of an accounting period to cancel out or reverse the effects of adjusting entries of preceding accounting period.

A business transaction (selling or buying a thing) that does not involve cash is called non-cash transaction.

๐”๐ง๐ž๐š๐ซ๐ง๐ž๐ ๐‘๐ž๐ฏ๐ž๐ง๐ฎ๐ž: ๐–๐ก๐ž๐ง ๐ˆ๐ญ ๐๐ž๐œ๐จ๐ฆ๐ž ๐„๐š๐ซ๐ง๐ž๐? The questions like what is unearned revenue? How to calculate it and recognize it? When is โ€ฆ

How To Prepare A Control Account? Example and Format What is control account and how does the control account work? And which โ€ฆ

๐ƒ๐ž๐Ÿ๐ž๐ซ๐ซ๐ž๐ ๐‘๐ž๐ฏ๐ž๐ง๐ฎ๐ž: ๐“๐ซ๐ž๐š๐ญ๐ž๐ ๐€๐ฌ ๐€ ๐‹๐ข๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐Ž๐ซ ๐‘๐ž๐ฏ๐ž๐ง๐ฎ๐ž? Have you ever got payment for something before delivering services? Or have an online โ€ฆ

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