Role of Internal & External Auditors in Accounting

Role of Internal & External Auditors in Accounting Following Free Online Accounting Training Class will help you to understand: Role of Internal & External Auditors in Accounting What is Internal Auditing System What is External Auditing System Meaning of Internal & External Auditors Task & Responsibilities of Internal & External Auditor in Accounting Accounting is … Read more

Retained Earning Statement-Meaning with Sample

Retained Earning Statement-Meaning with Sample Following free online accounting training class on retained earning statement will help you to understand: What is Retained Earning Statement Example or Template of Retained Earning Statement Meaning of Equity Statement or Statement of Owner’s Equity Formation or Procedure of Making the Statement of Retained Earnings Company prepares income statement to determine the net … Read more

Sale of Inventory

Sale of Inventory After the purchasing of inventory, the next step of the company is to sale the goods. The amount a business enterprise generally earns from selling merchandise inventory which is termed as sales revenue or sales. Companies record sales revenues when it is earned, in accordance with the revenue recognition principle. Sales are generally … Read more

Sales Journal: Definition with Example

Sales Journal: Definition with Example This free online accounting training class on Sales Journal will help you to understand: What is Sales Journal Definition of Sales Journal Example of Sales Journal Entries of Sales Journal Sales Posting Procedure Many students wonder what is sales journal.In short, Definition of Sales Journal could be as a special journal which is kept to record those sales entries … Read more

Single-Step Income Statement: Definition & Example

Single-Step Income Statement: Definition & Example This accounting training tutorial on Single Step Income Statement will help you to understand: What is Single Step Income Statement Advantage of Single Step Income Statement Template of Format of Single Step Income Statement Income Statement can be in two format. One is Multiple Step Income Statement and another form of income … Read more

Special Journal

Special Journal This Free Online Accounting Training Tutorial on Special Journal will help you to learn: Meaning & Definition of Special Journal Different Types of Special Journal Advantages/Benefits of Special Journal People are generally familiar with general journal which is two column format general journals. General journal transfers the transaction to the general ledger. But general journal … Read more

Types of Business Organization

Types of Business Organization The business enterprises are ranging their forms to three parts. Basically in the whole world there are three common forms of business organization, these are proprietorship, partnership, corporation, or Limited Liability Corporation. A business will must have one of three forms of organization: proprietorship, partnership, or corporation.  These three forms are … Read more

The concept of Uncollectible account in Accounting

The concept of Uncollectible account in Accounting While preparing the balance sheet, companies enlist accounts receivable in the category of asset as a current asset. However, the particular amount of that item which has to be report sometimes become intricate due to some receivables which are uncollectible. Sellers usually have some credit requirements to the … Read more

Users of Accounting Information

Users of Accounting Information In this free online accounting tutorial we will discuss: Users of Accounting Information Internal Users of Accounting Information External Users of Accounting Information Who use accounting information Accounting is an information system which identifies records and communicates this information to the interest users in the form of financial statements. These financial statements … Read more

What is Accounting

What is Accounting? Some people have always termed accounting as a boring subject, consisting of nothing but math and calculations all through. Accounting has more than just crunching numbers. In fact actual definition of accounting is a process of identifying, recording, summarizing and reporting economic information for decision making purposes. In simpler terms, accounting is a business … Read more