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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. A contra entry affects the debit and credit of cash and cash equivalents. This transaction involves...

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....

Outsourcing accounting services are exclusive accountant tools that are used to withdraw non-core functions of full-time accountants from the third party. It helps expand the range of services and cut down ongoing accountant costs. It has been very popular among...

Accounting is a critical aspect of any business. It ensures that sound financial decisions are made for the success and smooth running of the business. Usually, it involves the preparation and consolidation of financial statements and accounting reports for easy...

Updated: 12.10.2026 In recent years, there have been considerable changes in the business landscape. The increasing globalization, free movement of people, easy communication, technological advancements, and the shrinking of the world have helped change the business environment. These factors have...