What Are Drawings In Accounting?

what are drawings in accounting

Understand drawings in accounting, how they are treated in the financial statements of a sole proprietor and the tax implications.

The Accounting Equation

accounting equation explained

The accounting equation is at the heart of accounting. It states that fundamental every transaction always has 2 entries to ensure accuracy. Find out more about the accounting equation for different business entities, the expanded version and how it ties up to the balance sheet.

Subsidiary Ledgers Explained

subsidiary ledgers explained

Subsidiary ledgers form part of the accounting process when help is needed to keep track of financial information that isn’t recorded in the books of prime entry. In this guide, you’ll find out more about the subsidiary ledgers, the most common types used and how they fit into the accounting process.

What is the General Ledger in Accounting?

what is the general ledger in accounting

The general ledger in accounting is a summary of the financial transactions of a business recorded in the books of prime entry. In a computerised system, it is also referred to as the nominal ledger or the chart of accounts.

What are Ledgers in Accounting?

what are ledgers in accounting

Ledgers in accounting contain summaries of financial information recorded in the books of prime entry. Here’s how they work and an example of what they look like.

What are the Steps in the Accounting Process?

what are the steps in the accounting process

The accounting process (or accounting cycle as it is also known) is the series of steps bookkeepers and accountants take to gather, summarise and present the financial information of a business. How Many Steps are there in the Accounting Process? There are 6 steps in the accounting cycle that starts with gathering financial information, followed …

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What are Trade Creditors?

what are trade creditors

Find out what trade creditors mean, how they appear on the balance sheet and how to account for trade creditors in double-entry bookkeeping.