Accounting

What is Double Entry System? Definition with Examples of Bookkeeping System

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Double Entry Accounting System of Book-Keeping

Double Entry System Definition: In accounting, double entry system means every transaction requires corresponding opposite entry into another account. For example: Mr. David received Rs.5,000/- as income. In this scenario, two journal entries would look like this: debit Rs.5,000/- into cash a/c and credit Rs.5,000/- into income’s a/c. Debit and credit of journal entries are …

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What is a Single Entry System? Definition, Format, Problems and Example

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Single Entry System of Book-Keeping

Single Entry System Definition: A single entry system is a method of maintaining financial information thru one sided accounting entry. It method is also known as single-entry accounting system. Normally small businesses preferred to maintain single-entry bookkeeping system with records of minimum necessities. Single entry system example: such accounting system is pretty good to maintain records …

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Types of Accounts: Real, Personal and Nominal Accounts with Examples

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Types of Accounts Real, Personal and Nominal Accounts

There are rules under types of accounts which simply the accounting process. Firstly, understand the real account examples, meaning of real account, mix examples of personal account and real account along with mix example of nominal account and real account. Secondly, we will understand nominal account examples, meaning of nominal account, combination example of personal …

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What is Revenue and Expenses? Definition with Accounting Examples

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Revenue and Expenses

Revenue Definition: In financial accounting, an inflow of money usually from sales or services thru business activities is called as revenue. It is also known as sales or turnover of the business. In other words, an income to a business or an organisation is termed as revenue. For example: royalties or interest or copyright fees …

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What is Liability and Current Liabilities? Definition with Accounting Examples

Wikipedia of Finance - e-learning course on Accounting Wikipedia Chapter - Liability and Current Liabilities

Liability Definition: A legal agreement that arises in-front of an organization or a business or an individual to settle a debt is termed as liability. Or any sort of loans from persons or banks for enhancing a business or individual salary that is payable amid short or long duration is known as a liability. These …

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