Scott Ledger

Posts Tagged ‘General Accounting’

profit and loss, balance, balance – what do they all?

A statement of profit and loss (P & L) is a summary of all income and expenses of an enterprise during a period of time’ After a period of loss or gain of the company is calculated by subtracting the total cost of the total revenue’ The peri…

Journal

1′ It is the first book of entry’

2′ Once the transaction is originating, is recorded in the register

3′ Transactions are recorded in order of appearance, ie, strictly in order of dates’

4′ Story (brief description) is prepared for each entry’

5′ Folio ledger is writte…

qualified graduates of accounting at the request of the interviewer “Are there questions you would ask?” usually respond with “What are my rights and responsibilities”

Be careful’ Some interviewers intentionally mentions nothing about the duties and responsibilities To test the response of c…

Frank Richards is a management consultant specializing in business service level agreements’ Last month, four seminars were held in major Australian cities, but found that the ticket money does not cover their costs’

In these days of instant payment that you believe that the problem of arrears …

The book contains an entry for every transaction ever made by a company’ The great book of first entry should be the business transaction and should be updated as often as necessary to ensure that each transaction is recorded’ Since the book has all the information about each transaction in the fi…

The general ledger software may generate a balance sheet and income statement, it is the status of each account and provide a good balance’ Thus, the software helps to maintain the integration between the application of these accounts, while maintaining control and balance’

Therefore, if income…

The first stage of the transaction log is Journalized and the second step is to see the transactions in the ledger’ Ledger was known as the director or the head “book of accounts’ In the general ledger financial information is classified according to their nature and relevance’

The assertion …

The balance of accounts

Where appropriate to balance the account, both parties joined, and if the total of both sides are not equal, the difference is then placed on the side with less total’ Will be two equal parts’ The added amount of the difference is known as “balance” account’ In the co…

the book is to save the first transaction income, purchases and money’ The books and documents to prove these operations are called the documents for the first time in the business of books by an accountant’

Recording income

A bill of sale is a document’ In the most advanced technical terms…