Fundamentals of computer based financial accounting

Fundamentals of computer-based financial accounting, Educational application developed specifically to improve understanding of computerized accounting functions with ease.

Online Financial Accounting Application
Educational applications were developed specifically to improve understanding of computerized accounting functions with ease.
The course focus on the fundamentals of how financial accounting function is structured in the computer applications

Chart of Accounts Definition

System of accounting records developed by every organization to be compatible with its particular financial structure, and in agreement with the amount of detail required in its financial statements. It consists of a list of ledger account names and numbers showing classifications and sub-classifications and serves as an index to locate a given account within the ledger. See also class of accounts.
chart of accounts is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
chart of accounts appears in the definition of the following term: class of accounts

Journal entries Recording

Accounting requires very specific methods of recording transactions. Generally, transactions are recorded through the use of accounts. These accounts are actually placed within accounting systems in which changes in assets, liabilities, owner’s equity, revenues, and expenses are recorded. The changes reflect increases or decreases in these accounts over a given time period.

In its simplest form, an account looks very much like the letter “T”, hence the name “T-Account”

Every transaction affects and is recorded in two accounts. Consider the following:

Bill invests $1,000 in his company.

First, we debit Cash to show an increase in an asset, and we credit the owner’s equity to show the increase in capital.

Summary of journal Entries by Date

recording transactions is a long process. Even after the information has been recorded, further steps must be taken in order to complete the accounting cycle. These include the adjusted trial balance, the income statement, the statement of changes in owner’s equity, and the balance sheet (all of which are explained in the Financial Statements section). Probably the best way to illustrate the idea of recording transactions and preparing financial statements is to work through an example. Example A was created with that purpose in mind.

Ledger Accounts Building

A book of final entries summarizing all of a company’s financial transactions, through offsetting debit and credit accounts.

Trial Balance Generation

A statement of all the open debit and credit items in a double-entry ledger made to test their equality

Profit / Loss Statement

An official quarterly or annual financial document published by a public company, shows earnings, expenses, and net profit. Net income is determined from this financial report by subtracting total expenses from total revenue. The profit and loss statement and the balance sheet are the two major financial reports that every public company publishes. The difference between this statement and the balance sheet deals with the periods of time that each one represents. The profit and loss statement shows transactions over a given period of time (usually quarterly or annually), whereas the balance sheet gives a snapshot of holdings on a specific date. also called income statements or earnings reports.

Balance Sheet Building

An itemized statement that lists the total assets and total liabilities of a given business to portray its net worth at a given moment in time

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