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A suspense account is an account used temporarily to carry doubtful entries and discrepancies pending their analysis and permanent classification. It can be a repository for monetary transactions (cash receipts, cash disbursements and journal entries) entered with invalid account numbers.
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger.
Modern tickler files are often electronic and now fulfilled via software programmed for automatic reminders and tracking. Tickler systems are also used in industrialized [1] [2] and less industrialized countries [3] to improve immunization coverage. Typically, a child's name and birth date are put on a card, which is then put in the tickler ...
In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. [1] A general ledger may be maintained on paper, on a computer, or in the cloud. [2]
The {{Accounting research}} template sidebar may be added to any related article. This template includes collapsible lists. • To set it to display all lists when it appears (i.e. all lists expanded), use:
The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account. For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses.
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
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