The principal method for maintaining internal control of cash is using a checking account. However,…

Bank Reconciliation Typically, a business will use a bank checking account to help control the…

Shareholders’ equity represents the net assets owned by the owners (the shareholders). Net assets are…

A liability is an obligation to pay an asset in the future. It is also…

Assets are economic resources that provide future benefits to the business. Examples include cash, accounts…

The goal of accounting is to ensure information provided to decision makers is useful. To…

Transactions and other events are grouped together in broad classes and in this way their…

We have said that accounting consists of these functions: ·         Recording ·         Classifying ·         Summarizing ·         Reporting and evaluating…

The practical steps involved in the preparation of a Receipts and Payments Account from an…

The practical steps involved in the preparation of an Income and Expenditure Account from the…