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A journal entry is the act of recording transactions in an accounting journal that shows debits and credits. Learn about the types of accounts, the golden rules of accounting, and how to record journal entries in accounting software.
Double-entry bookkeeping is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account, based on the principle of debit and credit.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. Learn about the origin, methods, and steps of bookkeeping, as well as the related professions and terms.
Learn the meaning and history of debits and credits in double-entry bookkeeping, and how they are used to record changes in value from business transactions. Find out the rules and examples of debits and credits for different types of accounts.
In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting .
A general journal is a book of original entry where transactions that do not qualify for special journals are recorded. Learn about the format, purpose and examples of general journal entries in manual and computerized accounting systems.
Learn about the concept, history, and controversies of mark-to-market accounting, which values assets or liabilities based on current market prices or fair values. Find out how it differs from historical cost accounting and how it is regulated by various standards and laws.
Special journals are lists of financial transaction records that accountants use to record transactions of a specific type, such as sales or purchases. Learn about the four types of special journals (sales, cash receipts, purchases, and cash payments) and their formats, source documents, and folio numbers.