What is Accounting Cycle? – Definition, Steps, Process

Key 3 Steps in Accounting Process - Important 7 Steps in Accounting Cycle - Wikipedia of Finance

The accounting process, to some extent, is also known as the accounting cycle. Today’s accounting software has transformed traditional accounting methods. But still process of accounting and accounting cycle remains the same irrespective of traditional or modern accounting methods. In this topic we will initially understand what is accounting cycle followed by the three steps […]

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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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Single Entry System – Definition, Format, Problems and Example

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

In essence, the Single Entry System is a simple bookkeeping technique in which transactions are entering just once, usually into a log or simple spreadsheet. Although this approach isn’t as exacting as double entry accounting, it still collects crucial data regarding a business’s revenue, expenses, and cash flow to provide valuable insights into its financial

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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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