Accounting Articles

Contents What is a General Ledger?  Key Components of a General Ledger  Categories of General Ledger Accounts  How Does a General Ledger Work?  Importance of a General Ledger  What is a General Ledger?  A general ledger is a fundamental tool used in accounting to...

Contents What is a General Journal?  Structure of a Standard Journal Entry  General Journal vs Special Journal  Types of Journal Entries  General Journal vs General Ledger  What is a General Journal?  A general journal is a systematic record of a company's financial...

Contents What is Owners Equity?  Key Components of Owners Equity  How to Calculate Owners Equity  Statement of Owners Equity  Strategies to Increase an Entity's Owners Equity  What is Owners Equity?  Owner's equity represents the residual interest in an entity's...

Contents What is a Chart of Accounts?  How Does a Chart of Accounts Work?  What Are the Different Types of Accounts Found in a Chart of Accounts?  How is a Chart of Accounts Organised?  What Are the Best Practices for a Chart of Accounts?  How to Utilise a Chart of...

Contents What is a Trial Balance?  What is Included in a Trial Balance?  How to Prepare a Trial Balance?  Why is a Trial Balance Important? Challenges of a Trial Balance  What is a Trial Balance?  A trial balance is like a financial checkpoint for an entity's...

Contents What is Double Entry Accounting?  How Does Double Entry Accounting Work?  Key Steps To Set Up a Double Entry Accounting System The Purpose of Double Entry Accounting System   Advantages of Double Entry Accounting  Limitations of Double Entry Accounting ...

Contents What is the Accounting Equation?  What is the Purpose of the Accounting Equation?  Balancing the Accounting Equation  Accounting Equation example The Expanded Accounting Equation  Practical Application of the Accounting Equation  Limitations of the Accounting...

Contents What is Net Income?  Why Net Income is Important  How to Calculate Net Income  Net Income versus Profit Margin  Net Income versus Earnings Per Share (EPS)  Net Income and Taxation  Net Income and Cash Flow AASB Rulings on Net Income   What is Net Income?  Net...

Contents What is Gross Income?  Calculation of Gross Income  Gross Income vs Net Income  Why Gross Income is Important  What is Gross Income?  Gross income is the total amount of money an entity earns before any deductions or taxes are taken out. It includes all...