11. T-Account
A T-account is a graphical representation of a ledger account that looks like a âTâ....
12. Charts of Accounts
A chart of accounts is a listing of all the account titles that appear in...
13. Contra Account
A contra account is an account that is used to offset or reduce the value...
14. Permanent vs Temporary Accounts
Permanent accounts are also called real accounts. These accounts represent the ongoing, long-term activity of...
15. Revenue Accounts
Revenue accounts are those accounts in the ledger that are used to record the revenue...
16. Expense Accounts
An expense account is an account that is used to track the expenses of a...
17. Financial Vs Managerial Accounting
Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information...
1. Accounting Principles
The accounting principles are the basic guidelines that govern the field of accounting. These principles...
2. Qualitative Characteristics of Useful Financial Information
The qualities that make financial information useful to users are known as its qualitative attributes....
3. Accrual Concept
The accrual principle in accounting states that revenue and costs should be reported when they...