Financial Accounting Financial Statements General Ledger 
Accounting Tools
FEBRUARY 26, 2024
What is a General Ledger? A general ledger is the master set of accounts that summarize all transactions occurring within an entity. The general ledger is comprised of all the individual accounts needed to record the assets , liabilities , equity , revenue , expense , gain , and loss transactions of a business.
Accounting Tools
JULY 24, 2023
Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basics of Financial Accounting? This article gives an overview of financial accounting basics for the non-accountant. Its orientation is toward recording financial information about a business.
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Accounting Tools
DECEMBER 19, 2023
There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records. The fixed asset accountant , general ledger clerk , and tax accountant are most likely to be involved in the use of journal entries.
Accounting Tools
MAY 21, 2023
A journal entry is used to record a business transaction in the accounting records of a business. A journal entry is usually recorded in the general ledger ; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger.
Accounting Tools
JUNE 8, 2023
These transactions are then aggregated at the end of each reporting period into financial statements. The accounting cycle is essentially the core recordation activities that an accounting department engages in on an ongoing basis. The cycle is also needed to produce financial statements.
Accounting Tools
NOVEMBER 1, 2023
Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.
Billing Platform
OCTOBER 4, 2023
To establish best practices, eliminate confusion and standardize the recognition of revenue, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) developed a framework – Accounting Standards Codification (ASC 606) – for more consistent revenue recognition.
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