Accounting and bookkeeping tips, tricks and resources for small and mid size business owners which they can use day to day in business.
Closing of books of account is last step in accounting cycle. In this post, we learn step by step how to close books in accounting without doing any errors. Meaning
Accounting cycle Definition: Accounting cycle is the collective process of recording and processing accounting transactions. It stars from occurrence of transaction and ends on after closing trial balance. Accounting cycle
T- Accounts ( ledgers) are summary of transactions related to asset, liability, income or expense.In this post, we understand how to prepare T accounts with example. Preparation of T accounts
Unadjusted trial balance is a detailed list of all the credit and debit balances extracted during given dates before making adjustments. Trial balances are used to check on the completion