ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 37th BLOG             ☆☆ACCOUNTING☆☆ ★ Accounting exercise and practices :   Lesson : 2 [Part : 2] Hi friends  🙏 Today's discuss remaining lesson and exercises or practices of Income statement📑....                                            So let's discuss ....           ★ THE INCOME STATEMENT [PART : 2]★   Put ☑️ in the appropriate column : Terms of Income statement  Income  Expenses   Sales A/C     ☑️    Purchase A/C          ☑️  Job work on Raw material          ☑️  Interest from Un-Secured loans     ☑️    Interest earned on fix deposit     ☑️    Salaries paid to staff          ☑️  Interest paid on debt  ...

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...