In this accounting presentation, we report on the T-Account, Accounting Charges and Loans, Accounts Balances and Double Accountancy Accounting System.
Every accountant knows the terms underlying the accounting system. These conditions are the T-Account, the Debt and Credit, and the Double-Settlement System. Of course, these conditions are studied by accounting students from all over the world. However, any business person, either an investment banker or a small business owner, can enjoy his or her knowledge. It's easy to understand and help in most business situations. Let's look at these accounting terms more closely.
Registers of events and transactions are registered. The account is a unique record of increments and decreases of a specific asset, liability or equity component. View your invoices as a place for recording numbers for a particular item or transaction class. For example, accounts may be cash, receivables, fixed assets, payable accounts, accumulated payroll, sales, rental costs, and so on.
The account consists of three parts:
– account address
– left (19459005)
– right page (19459005)
] like T account . You can drag T accounts to a sheet of paper and use it to keep your accounting records up to date. Accountants nowadays use accounting software such as QuickBooks, Microsoft Accounting, Peachtree, JD Edwards, Oracle and SAP to make T accounts today.
is calculated to be the left hand side of the debit and the credit to the right. These are dr. Debit and Cr were shortened. The load and credit indicate which side of the T account numbers are recorded
The account balance is the difference between the load and the loan amount. For some accounts, the load represents an increase in the account balance, while for others, the load represents a decrease in the account balance. See the list of accounts below and the load on these accounts below:
Contra Tools – Reduction
Liability – Reduction
Shares – Reduction
Contribution Capital – Reduction
Revenue – Decrease
Costs – Growth
Loans to the above accounts are counter-productive
Double-count accounting system
The double-entry system requires records to be kept in at least two different accounts. For example, if a customer pays cash for the product, the account displays the cash received in cash (as a collection) and the sales invoice (as a credit). Each debit amount is the same as the total amount of credit provided that double entry has been followed.
The advantage of double-entry accounting system for regular single-sided systems. One such advantage is that the dual entrance system helps to detect recording errors. As I said, if an amount is only given in case of an error, the debit and credit will not be balanced and the accountant will know that one or more entries have not been fully posted. Keep in mind, however, that this check helps to detect errors, but does not identify all errors. For example, equal debits and credits do not identify an error when an amount has been posted twice but has been posted to bad accounts. Keep this in mind when analyzing the causes of errors in the accounting records
Source by sbobet