Accounting Basics

Introduction It has already been discussed in earlier lesson that accounting involves recording, classifying and…

1. Convention of Materiality Materiality concept states that items of small significance need not be…

The more important accounting concepts are briefly described as follows: 1. Separate Business Entity Concept…

Introduction Accounting is often called the language of business because the purpose of accounting is…

The history of accounting can be traced back to ancient times. According to some beliefs,…

A A Misstatement is Inconsequential If a reasonable person would conclude after considering the possibility…

Payroll accounting is simply recording the payroll expenses of a business into the general ledger.  …

Sales tax accounting involves asset, revenue, and liabilities accounts such as Sales Revenue, Cash, and…

The accounts payable process for a small business is simply the process of accounting for…

Accounts Receivables (AR) are sales made by your small business, but not paid for yet…