Sejal Shah

What is a Balance Sheet? Definition, Format and Example of Balance Sheet

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Learn about Balance Sheet Statement

Balance Sheet Definition: In financial accounting, “Balance sheet is a financial statement summary report of an assets, liabilities and equity capital of an individual or a company or an organization at a specific given time”. This provides adequate information to investors, shareholders or a group about the company’s financial strength at given point of time. […]

What is a Balance Sheet? Definition, Format and Example of Balance Sheet Read More »

What is a profit and loss statement or Income Statement? Definition with Examples

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Learn about profit and loss statement - Income Statement - P&L statement

Profit and Loss Statement Definition: Under financial accounting, “profit and loss account, statement of revenue or loss, financial performance statement, operating statement, earnings statement, statement of profit and loss, P&L statement, Income statement all this terms refers to Profit and Loss statement of the financial reports”. This statement shows the revenue and expenditures of a business

What is a profit and loss statement or Income Statement? Definition with Examples Read More »

What is a Trial Balance? Definition, Examples and Limitations of bookkeeping

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Learn about Trial Balance

To show that total debits and total credits are equal, the trial balance is simply a list of all general ledger accounts and their balances. Accountants can ascertain each account’s balance by compiling this exhaustive list, which offers important insights into the entity’s performance and financial health. The trial balance is more than just a

What is a Trial Balance? Definition, Examples and Limitations of bookkeeping Read More »

What Is a General Ledger? Definition, Format and Example of General Ledger

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Learn about General Ledger

General Ledger Definition: In a financial accounting, super set of accounts that summarize records of transactions occurred during a specified period for a business or an organization is called as General Ledger Account. All the credit and debit balances of ledger account should be equal. This information is then used to prepare financial statement of

What Is a General Ledger? Definition, Format and Example of General Ledger Read More »

What are Journal Entries? Definition, Format and Examples of Journal Entry

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Learn about Journal Entries

In accounting system, Journal entry consists of transactions which are either a credit or debit transactions. Total of debit and credit journal entry transactions are unbalanced.  Journal entry can record unique or recurring transactions. Therefore, Journal entry transactions directly affect the balances of general ledger accounts. “Journal entry is a method of posting transactions into

What are Journal Entries? Definition, Format and Examples of Journal Entry Read More »