The accrued and deferred income and expenditure journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of accrual and deferral transactions.
In each case the journal entries show the debit and credit account together with a brief narrative.
Accrued and Deferred Income and Expenditure Journals May 9th, 2017Team
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.
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
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
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 24th, 2018Team
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