ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 36th BLOG             ☆☆ACCOUNTING☆☆ ★ Accounting exercise and practices :   Lesson : 2 Hi friends 🙏 Today's discuss lesson of Income statement📑....                                                    So let's discuss ....                     ★ THE INCOME STATEMENT★ * Definition :   The income statement summarizes all revenue earned and expenses incurred during a specified accounting period, and shows the net income (or net loss) earned over that period. Unlike the balance sheet, which reflects a static position at a "point-in-time", the income statement reflects all all transactions which have occurred during the "Financial year". * Importance of income statement : As Income statement is prepared so that an organization can determine it's net inc...

ALL ABOUT ACCOUNTING : 35th BLOG                                                             ☆☆ACCOUNTING☆☆   Hi 🙋 friend's., Today's discuss remaining part of balance sheet 📑                                                        So let's discuss .....                                                                                         ★ THE BALANCE SHEET ★ ☆ General format of a Balance sheet :                      ...

ALL ABOUT ACCOUNTING : 34th BLOG            ☆☆ACCOUNTING☆☆ ★ ACCOUNTING EXERCISE AND PRACTICES  :   Lesson : 1                               ★BALANCE SHEET ⚖️📑★ ☆ Main elements of a balance sheet : The main elements of a balance sheet are :  Assets, Liabilities and Equity   Accounting equation : Total assets = Total liabilities + Equity   ASSETS : Assets represent what is owned by the organization or owed to it. Assets are those items in which an organization has invested it's funds for the purpose of  generating future receipts of cash. On the balance sheet, total assets are always equal to the sum of liabilities ➕ equity.  Liabilities :    Labilities represent what is owed by the organization to others either in the form of a loan which has been extended to it or obligations for the organization to provide good's and services in...

ALL ABOUT ACCOUNTING : 33rd BLOG         ☆☆ACCOUNTING☆☆ Hi freinds.,  🙏 Today's discuss 36th to 42nd accounting terminologies.....                                     So let's discuss .....   36.  Overhead : Overhead are those Expenses that relate to running the business. They do not include Expenses that make the product or deliver the service. For example, Overhead often includes Rent, and Executive Salaries. 37. Payroll :  Payroll is the account that shows payments to employee salaries, wages, bonuses, and deductions. Often this will appear on the Balance Sheet as a Liability that the company owes if there is accrued vacation pay or any unpaid wages. 38. Present Value (PV) : Present Value is a term that refers to the value of an Asset today, as opposed to a different point in time. It is based on the theory that cash today is more valuable than cash ...

ALL ABOUT ACCOUNTING :- 32nd BLOG           ☆☆ACCOUNTING☆☆    Hi freinds.,  🙏 Today's discuss 31st to 35th accounting terminologies.....                                     So let's discuss .....   31.  Interest : Interest is the amount paid on a loan or line of credit that exceeds the repayment of the principal balance.   32. Journal Entry (JE) : Journal Entries are how updates and changes are made to a company’s books. Every Journal Entry must consist of a unique identifier (to record the entry), a date, a debit/credit, an amount, and an account code (that determines which account is altered).  33. Liquidity : A term referencing how quickly something can be converted into cash. For example, stocks are more liquid than a house since you can sell stocks (turning it into cash) more quickly than real estate.   34. M...