Royalties in Accounting

Royalty accounts are used to record royalties paid by a licensee to a licensor for the use of a long term asset owned by the licensor.

Royalties in Accounting April 19th, 2017Team
Read more

Adjusting Entries Examples

The adjusting journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of adjusting entry transactions.

In each case the journal entries show the debit and credit account together with a brief narrative.

Adjusting Entries Examples March 23rd, 2017Team
Read more

Balancing off Accounts

Part of the accounting cycle is to produce a trial balance, in order to do this it is necessary to balance off the ledger accounts at the end of each accounting period.

Balancing off Accounts December 6th, 2017Team
Read more

Cash Book in Accounting

The cash book in accounting is classified as both a journal, in that it is a book of prime entry, and a subsidiary ledger as it records debits and credits. The cashbook has many different forms including single column, double column, and triple column formats.

Cash Book in Accounting February 15th, 2017Team
Read more

Bookkeeping Journal in Accounting

The bookkeeping journal is a chronological list of accounting transactions. The journal is normally sub-divided into a number of special journals for posting similar types of transactions, and a general journal.

Bookkeeping Journal in Accounting December 19th, 2017Team
Read more

Capital Receipts vs Revenue Receipts

Capital receipts are those which are normally non-recurring and either increase a liability account or decrease an asset account. Revenue receipts are usually recurring and are part of the normal trading operations of the business, such as the sale of goods and services.

Capital Receipts vs Revenue Receipts February 8th, 2017Team
Read more

Relationship Between Financial Statements

The four main financial statements are the income statement, statement of retained earnings, balance sheet, and cash flow statement. All four statements are interrelated and allow the user to more fully understand the financial performance of the business through the analysis of its financial statements.

Relationship Between Financial Statements January 26th, 2017Team
Read more

Accounting Internal Controls

Internal controls in accounting are used to reduce the risk of fraud and error in the bookkeeping and accounting system. The level of internal controls used will depend on the nature and size of the business involved.

Accounting Internal Controls January 6th, 2017Team
Read more

Contra Expense Account

Contra means against. In bookkeeping terms, a contra expense account refers to an account which is offset against an expense account.

As an expense account is normally a debit balance, a contra expense account will normally be a credit balance. When the two balances are offset against each other they show the net balance of both accounts.

Contra Expense Account November 6th, 2016Team
Read more

You May Also Like

Related pages

what is the future value of an annuitypv annuity tablesimprest systemthe dupont formulainterest on investment journal entrybond coupon formulaformula for future value of an annuityeffective yield amortizationpre operating expenses accounting treatmentaccounting templates in excelwhat is cash floatdupont analysis spreadsheetwhat is the present value of a perpetuityretained earning on balance sheetwhat is pmt in excelaccounting trial balance definitionleverage ratio formula accountingdepreciation of fixed assets definitionmargin and markup tablefuture value annuity tablestypes of suspenseincome summary journal entrywhat are reconciling itemsstock valuation calculatorbank reconciliation examples problemshow to get the ending inventoryhow to find errors in trial balancedepreciation double entrydaily sales outstanding formulajournal entry to write off bad debthow to calculate depreciation rate for reducing balance methodaccruals accounting examplesum of years digits depreciationcontinuously compoundingprofit margin and markupaccounts receivable turnover days formulaprofitability index in excelcontra expenseaccounts payable spreadsheet templateactivity ratios formulasannuity perpetuityexcel annuitydepreciation calcdouble entry bookkeeping examplejournal entries that bring accounts up to datecreditor turnover daysfixed asset turnover ratecalculating gp percentagehow to calculate depreciation with salvage valuefinancial gearing formulaaccounting t accounts templateformulas of accounting ratiosgeneral journal adjusting entriesaccounting overheadscash withdrawal from bank entry in tallyhow to calculate interest earned ratiovoucher template wordreorder point equationabsorption costing calculatorgaap capital leasesales ledger control account formatfob shipping point and fob destinationinterest revenue journal entryhow to do fifo perpetual inventoryintangible assets examples balance sheetaccounts aptitude testvoucher sample templategrowing annuity present valuehow to calculate financial leverage from balance sheetnormal balance of assets