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Double Entry System in Accounting and Bookkeeping

Introduction Accounting is an art of identifying, recording and summarizing the financial transactions that are measurable in terms of money and analyzing the result thereafter. Further, there are two ways to maintain accounts and they are Single and Double Entry System of bookkeeping. But generally, the monetary transaction is recorded in the Double Entry for … Read moreDouble Entry System in Accounting and Bookkeeping

Journal Entry in Bookkeeping and Accounting

A journal is that part of bookkeeping and accounting which records the financial transactions of a business organization. Bookkeeping starts with a journal and thus its maintenance is of great significance to a business’ accounting.   This article discusses the following topics: What is a Journal? Single-Entry Bookkeeping Double-Entry Bookkeeping Use of Journal in Investment … Read moreJournal Entry in Bookkeeping and Accounting