In which of the following types of accounts are decreases recorded by credits Liabilities Owner’s capital Drawing Revenues The correct answer is Drawings. As you …
Debit always means: right side of an account. increase. decrease. none of these The correct answer is option d which says, “none of these”. Debit …
Read moreDebit always means a. on the right side of the account b. increase c. decrease d.none
Definition The direct method is one of two accounting treatments used to generate a cash flow statement. The direct method uses actual cash inflows and …
Read moreDirect method of statement of cash flows with examples
A trial balance is a two-column schedule in which the total of accounts with debit balances is equal to the total of accounts with credit …
There is no exact another name for a bookkeeper. However, in practice, clerks are often assigned the duties of a bookkeeper. But this doesn’t make …
As a professional in the field of accounting and finance, we often use the word “Bookkeeper”. Sometimes we are asked “is bookkeeper one word?”. The …
A bookkeeper is someone who records financial transactions for a business, individual or a non-profit organization. A bookkeeper has a prime importance to a business. …
Wages payable are wages that you have earned but haven’t received any payment yet. It is a temporary account. It is eventually closed to cash …
Accumulated depreciation is the sum of depreciation expense to date from the capitalization date. For example, if an asset is capitalized on 1st March 2017. …
Read moreAccumulated Depreciation | Definition and Explanation with Examples
Before we dive in, let me introduce you to chart of accounts; As we all know, a business undergoes many business transactions throughout the year. …