Accounting Articles

General Ledger   What is a General Ledger? A general ledger is a fundamental tool used in accounting to maintain a detailed record of all financial transactions undertaken by an entity. It serves as a central repository where bookkeepers, accountants, and financial...

General Journal   What is a General Journal? A general journal is a systematic record of a company's financial transactions arranged in chronological order. Its primary function is to aid in the reconciliation of accounts and facilitate the generation of financial...

Owners Equity   What is Owners Equity?Owner's equity represents the residual interest in an entity's assets after deducting all liabilities. It signifies the extent of ownership in the entity held by the sole proprietor, partners, or shareholders. Thus, it...

Chart of Accounts   What is a Chart of Accounts? A Chart of Accounts (COA) is essentially a comprehensive list of all the financial accounts maintained within an entity’s general ledger, which serves as the central repository for recording all business...

Trial Balance What is a Trial Balance?  A trial balance is like a financial checkpoint for an entity's accounting system. It's a report that summarises all the credits and debits recorded in the entity's accounts during a certain period, usually a month or a quarter....

Double Entry Accounting   What is Double Entry Accounting? Double entry accounting, also known as double entry bookkeeping, is a method of recording financial transactions where each transaction is recorded twice. These records, known as bookkeeping entries, are...