Accounting Blogs

What is Balance Sheet and Statement of Affairs?

Small traders do not keep their accounts based on the double-entry system (Also see The Difference Between Single and Double

Are Accounting and Bookkeeping the Same?

How accounting and bookkeeping differ from each other is a usual concern. Bookkeeping is an essential part of the more

What is an Income Statement?

An income statement, or known as profit and loss statement, shows the financial condition of a company over a duration,

What is the Difference Between Single Entry System and Double Entry System?

A company could record its financial transaction using a single entry system or double entry system of accounting. Single entry

What is a Chart of Account?

The chart of accounts is a list consists of all accounts that are used in the company’s general ledger. The

The Balance Sheet and the Profit & Loss Account

The Balance Sheet A balance sheet is a financial statement that reveals an entity’s financial position at a provided date.