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Payroll is another term to refer to employee compensation its related fringe benefits have a large shape of the current liabilities. Payroll is the most significant liability any company incurs. Cost of labor is very important to companies to an extent that they develop a payroll accounting system. The term payroll is used to refer…

Don’t Miss the First Part of Intangible Assets tutorial series. Trademarks and Trade Names: A trademark or trade name is termed or considered as a word, or phrase or a symbol. A particular entity or product is recognized by its trademark or trade name. Some famous and well known Trade names like Kleenex, Windows, Coca-Cola,…

Welcome to 2 part series of Intangible Assets tutorial. Here in this first part, you will learn: Definition of Intangible Assets Example of Intangible Assets in Accounting Patents in Accounting Copyright in Accounting Intangible assets are considered as the rights, privileges, and competitive advantages which resulted from the ownership of long term assets having no…

________________________________________________________ Accounting Cycle: Meaning & Steps (Part-1) June 18, 2011 This following Online Accounting training lecture is the 1st part of Accounting Cycle tutorial series. Through this 2 part series you will learn: What is Accounting Cycle Meaning & Definition of Accounting Cycle Steps of Accounting Cycle Systematic Methods of recording entries in accounting Importance…

In previous part we discussed Payroll Accounting. Here are some more discussion on the topic: Internal control over payroll There are 2 primary controls for payroll; 1) Controls for efficiency 2) Control to safeguard assets of company against unauthorized payrolls Controls for efficiency Bank account reconciliation can be time consuming since there is a possibility…

Difference Between Managerial and Financial Accounting ________________________________________________________ January 26, 2012 Sponsored Links ________________________________________________________ The economic information is an integral part of the accounting information system. This economic information could be categorized in several areas. But as a part of accounting information system, accountants have classified the economic information into two areas: financial accounting and managerial…

This discussion on Accounting Journal will help you to understand: What is Accounting Journal Definition & Meaning of Journal What is Journalizing Formation of Journal in Brief Journal is required as a way of recording process or used as a book entering data. Journal is usually used by business organization or accountants. Journal is referred…

Following Free Online Accounting Training Class will help you to understand: Role of Internal & External Auditors in Accounting What is Internal Auditing System What is External Auditing System Meaning of Internal & External Auditors Task & Responsibilities of Internal & External Auditor in Accounting Accounting is an information system which needs to evaluate and…

This Free Online Accounting Training Tutorial on Special Journal will help you to learn: Meaning & Definition of Special Journal Different Types of Special Journal Advantages/Benefits of Special Journal People are generally familiar with general journal which is two column format general journals. General journal transfers the transaction to the general ledger. But general journal…

Closing the accounts is an essential part of accounting cycle.’ Closing the accounts means, close the temporary accounts by Journalizing and posting for the future transaction of next accounting period. At the end of accounting period, the accounting transactions or entries are closed to make the entries prepared for the next accounting period. At the…