by Accountant Town | Aug 16, 2019 | Organizational
Accounting Principles – Methods of Bookkeeping It has been previously pointed out that books of account were considered as media wherein the financial transactions might be recorded. The methods of recording these transactions are embodied in the art of...
by Accountant Town | Aug 16, 2019 | Organizational
Accounting Principles – Single Entry versus Double Entry Bookkeeping Distinction between single entry and double entry.—As the reader already knows, in single entry, transactions or exchanges have a personal quality only, and therefore such exchanges as do not...
by Accountant Town | Aug 16, 2019 | Organizational
Accounting Principles of Debits and Credits Universal principles of debit or credit. The following are the universal principles in the science of accounts which govern all business transactions to which debits and credits apply: ACTIVE OR DEBIT SIDE.(a) Debit whoever...
by Accountant Town | Aug 16, 2019 | Organizational
Accounting Principles – Structure of Accounts An account is one or more items representing money values, preceded by an explanatory or descriptive title, the items of which reflect the transactions relating to the subject of the account and which items are...
by Accountant Town | Aug 16, 2019 | Organizational
Principles of Accounting – Account Keeping Throughout the preceding chapters constant reference has been made to records or data of the business furnished by the accounting department. Knowing the use made of those data in the compilation of financial and profit...
