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Lesson

Accounting is the science of recording financial transactions and preparing accounting reports.

you have first have a document for any commercial transaction, you use this document to enter the transaction into journal where you use what is called double entry ( every transaction have an effect on two accounts at least).

then, you post the values from journal to ledger where you have what is called "T" account to every account.after posting transactions to ledger you have to calculate balance which you will record it in the "Trial Balance" which is a summary to all accounts.the trial balance have three columns, the accounts names,debit and credit

you have to sum debit column and credit column and they have to be equal.

then you can make final statements like Income statement and Balance sheet

the Balance sheet is the last stage in preparing financial statements.

 

Comments

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01:06 AM Dec 04 2008 | Reply

studEnt_90

studEnt_90

Malaysia

hi!

now,im studying for diploma in fast track in accountancy.

im impres to know about accountant job.

11:21 AM Oct 14 2008 | Reply

leeeeeeeen

leeeeeeeen

Jordan

hi every body …. i am studying accounting in university so i hope to help me to be better in my major …... i will ask some question about accounting …..

08:47 PM Aug 17 2008 | Reply

samjj

samjj

Malaysia

Thanks

A cash flow statement is a a statement detailing the Income and Expenditures of a business on a daily, weekly and monthly basis. It will show whether a business has sufficient  cash on hand to meet expenditures .  

 

08:45 AM Aug 15 2008 | Reply

juckz

India

i have a question to samji.what does cash flow stement is used for?

07:33 AM Aug 15 2008 | Reply

samjj

samjj

Malaysia


And I have this to say – the three important statements which can help business people to see how their business are doing are :

1) the cash flow statement ,

2)the profit and loss account and

3)the balance sheet … 

07:31 AM Aug 15 2008 | Reply

samjj

samjj

Malaysia

Great staff – i am an accoutant too. keep up the good work…

08:30 AM Dec 31 2007 | Reply

Followingme

China

I am an accountant & i think this set of lesson is very helpful on my job.Thank you so much!

08:28 PM Dec 30 2007 | Reply

awais7

awais7

Pakistan

accounting are used in other sector.

   tell me

 

08:25 PM Dec 30 2007 | Reply

awais7

awais7

Pakistan

please send the email i help you.

06:08 AM Dec 25 2007 | Reply

steffi004

Germany

is that about you talk there business administration?when yes i do the same, also not really do, but in school i have one subject and i believe i do there such things….but i don´t really know if it is the same…

do you have to make an accounting record?

 

05:55 AM Dec 08 2007 | Reply

Eliza zhang

China

I am interested  in this lesson.I hope that you can help me .you can contact me with e-mail ,

10:28 PM Dec 04 2007 | Reply

sunday huang

China

wonderful lesson! I am a  businessman. It is really helpful to me! and i hope i can have the chance to contact you. my msn is

11:41 PM Nov 27 2007 | Reply

alshaigi

Bahrain

Thank you Accounting is science and art and skill at the same time .

I am an accountant and I Will be happy to meet accountants

01:06 AM Nov 17 2007 | Reply

vivivi

vivivi

Poland

Thank U for helpful lesson!!! Laughing Are u an accountant?

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