Plant Assets in Accounting: Definition & Types

Plant Assets in Accounting: Definition & Types Following free online accounting training class on Plant Assets will help you to understand: Definition of Plant Asset Plant Asset Concept in Accounting Types of Plant Asset Plant Asset Valuation Method Plant assets  can be defined as resources that are identified with three characteristics: the assets must have a … Read more

Petty Cash Fund

Petty Cash Fund Checks can be used for various purposes. For example, personal purpose, for business purpose or for operating the business activities etc. But generally in the normal activities of life or in day-to-day life, it is not practical or necessary for a business to write checks to pay small amounts of money, such … Read more

Post closing trial balance

Post closing trial balance Following Free Online Accounting Training Tutorial on Post Closing Trial Balance will help you to understand: What is Post Closing Trial Balance Definition of Post Closing Trial Balance Sample of Post Closing Trial Balance Elements that Post Closing Trial Balance Contains There are accounting procedures in any accounting period of any entity. The last … Read more

Purchase of Inventory

Purchase of Inventory Lets learn about accounting procedure of Purchase of Inventory. Companies basically made their purchase inventory on cash or credit. The companies usually record purchases when they receive the merchandise from the seller. Companies record cash purchases by an increase in Merchandise Inventory and a decrease in Cash. A purchase invoice should support each credit … Read more

Purchase Journal : Definition with Example

Purchase Journal : Definition with Example In this free online accounting training lecture on purchase journal, you will learn: What is Purchase Journal Definition of Purchase Journal Sample or Example of Purchase Journal Entries of Purchase Journal Recording Procedure of Purchase Journal If you are wondering what is purchase journal then here is the definition. Purchase … Read more

Qualitative Characteristics of Accounting Information

Qualitative Characteristics of Accounting Information According to the FASB there are two basic qualitative characteristics of accounting information: Primary Qualities and Secondary Qualities. These qualitative characteristics are useful in making difference in decision-making by differencing between better information and inferior information for. The primary and secondary qualities are described below with appropriate examples. Primary Qualities: Relevance and Reliability … Read more

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