Adjusting the Accounts (10 Examples)
Adjusting the Accounts Adjusting the accounts is required in accounting because of matching, periodicity, and revenue recognition principles. In order for revenues to be recorded in the period in which services are performed and for expenses to be recognized in the period in which they are incurred, companies make adjusting entries. Adjusting entries ensure that […]
Theoretical Structure of Financial Accounting (with suitable examples)
Theoretical structure of financial accounting The theoretical structure of accounting explains the basic principles of financial accounting. In this section, we discuss the financial accounting, the conceptual framework of financial accounting, cash vs accrual accounting, GAAP, FASB, objectives of financial reporting, qualitative characteristics of financial information such as relevance, In this section: Advertisements What is […]
How to Make Debit and Credit in Accounting (10 Practical Examples)
How to Make Debit and Credit in Accounting Under the double entry system of Accounting, every transaction affects at least two accounts–one of them is debited and the other one is credited. Be able to make debit and credit of affected accounts is the fundamental quality of accountants. In this section, we will discuss the […]
100 Most Common Journal Entries (100 Practical Examples)
100 Most Common Journal Entries In this section, we discuss the 100 most common journal entries used in most popular accounting textbooks. We first discuss the concepts and then give appropriate examples. List of Journal Entries: Advertisements Please click the link to see read the post on the journal entries. We have posted 100 different […]
Journal Entry for Issuing Common Stock for Service (With 2 Practical Examples)
Journal Entry for Issuing Common Stock for Service Journal Entry for Issuing Common Stock for Service is sometimes complicated when accountants have to consider for the fair value of stock. In this section, we discuss two different ways to record issuance of common stock for service. When company start operation, some legal assistance are needed […]
Journal Entry for Issuing Common Stock for Cash
Journal Entry for Issuing Common Stock for Cash Journal Entry for Issuing Common Stock for Cash is easy and simple if other factors are not considered. We discuss and give examples of how to record issuance of common stock for cash. A company can issue common stock to its investors directly, or it can issue […]
The Accounting Process (Journal, Ledger, Trial Balance, Adjusting Entries, and Adjusted Trial Balance)
The Accounting Process The Accounting Process begins with the analysis of transactions. Then accountants record the transactions in journal, then post to ledger, prepare trial balance, adjust for matching principles, and finally prepare income statement and balance sheet. In this section, we start with analyzing transactions in accounting equation, then give example of journal, ledger, […]
How to Calculate Descriptive Statistics in Excel (#1 Practical Examples)
How to Calculate Descriptive Statistics in Excel How to calculate descriptive statistics in excel is a common questions asked more than 4,000 times in a month on google. In Excel, user can easily calculate descriptive statistics by using the Analysis Tool Pack. Descriptive statistics tells us the basic information about our data set. The Descriptive […]
How to Find P-value for Correlation in Excel ( 3 Practical Examples)
How to Find P-value for Correlation in Excel How to find P-value for correlation in Excel is most frequently asked question. The Correlation in Excel with P-value can be calculated in two different ways. The first method is to calculate the P-value by using formula, and the second one is to use regression analysis, which […]
Correlation in Excel with P-Value (3 Practical Examples)
Correlation in Excel with P-Value The Correlation in Excel with P-value can be calculated in two different ways. The first method is to calculate the P-value by using formula, and the second one is to use regression analysis, which automatically produces the p-value. In this section, we will discuss both the methods. In this section: […]