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What is Accounting? Accounting is the process of recording the financial transactions of a business. The accounting process includes analysis, reporting & summarizing the transactions of a business. Accounting is one of the key functions for almost any business and...

MIS report in full form is Management Information Systems Report. The management uses these reports to gauge how the organization performs so it can make intelligent decisions. MIS reports are a computerized database of a company’s financial information designed to...

Contra entry records cash and/or bank account transactions in the accounting journal. This entry’s treatment does not affect the financial statement line item balance. Contra entry affects the debit and credit of cash and cash equivalent. This transaction involves cash,...

A Bank Reconciliation Statement is a document that notes the similarity and dissimilarities between the cash balance on your Balance Sheet and the amount on the bank statement. When these two accounts are reconciled, you can identify whether there’s a...

What is Trial Balance? A trial balance is a financial report that lists a company’s general ledger accounts closing balances at a certain period. A trial balance contains accounts that are the main accounting items, such as assets, liabilities, revenues,...

Financial accounting is different from bookkeeping, and accounting has a dual entry for every transaction – debit and credit. In the dual entry system of accounting, the accountant must first identify which account should be debited and which one should...

The GAAP or Generally Accepted Accounting Principles comprises a set of commonly followed accounting standards, procedures, and principles for financial reporting. GAAP is the basis of accounting procedures, as approved and used by the FASB or Financial Accounting Standards Board....