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In this free online accounting training class, today we will discuss the Limitations of the balance sheet. From our today’s discussion, you will learn: Major limitations of balance sheet Why balance sheet does not provide correct information all the time? Major weaknesses of the Balance sheet Why result of the balance sheet is not 100%…

If you want to correct a wrong trail balance then you have to know which account is debit & which is credit. Debit & Credit are the two sides of a transaction. According to the Double Entry System, each valid transaction has to be divided into two sides debit and credit A debit is a…

    Today in this free accounting training tutorial blog we will discuss Accounting Equations.’ This discussion will help you to understand: What is Accounting Equation Definition of Accounting Equation Concept Example of Accounting Equation Meaning of Financial Accounting Equation Expanded Accounting Equation The two fundamental elements of business are what it owns and what…

This Free Online Accounting Lecture on Internal & External Auditing Procedures will help you to learn: Auditing Procedure Internal Audit Process External Audit Procedure Functions of Auditing Sometimes management is responsible for providing the assurance of the internal control system with its proper functionalism. Internal auditors provide an evaluation regarding the process of internal control…

In our Previous accounting article on the Meaning & Functions of Forensic Accountants, we analyzed some critical functions of Forensic Accountants. Now you will learn about some parties who badly need forensic accountants. As you know day by day the functions and business procedures are getting tough and complex. Sometimes the business enterprise or its…

Business enterprises are ranging their forms into three parts. Basically in the whole world, there are three common forms of business organization, these are proprietorship, partnership, corporation, or Limited Liability Corporation. A business will have one of three forms of organization: proprietorship, partnership, or corporation. ‘ These three forms are described below with their advantages…

Accounting Ethics or Ethics in Financial Reporting is a serious issue in accounting. Different persons have different opinions regarding right and wrong in any situation or fact. For example, an unethical work will seem unfair to anybody but this unethical work may seem fair to another one. In some companies, business managers could find themselves…

Most of the characteristics of forensic accountants do not match with the traditional education system, training, or the experience and skills of auditors and accountants. There are some skills, abilities, or knowledge that are necessary to serve as an effective forensic accountant or required by every forensic accountant to perform their tasks: Ability to discover…

Every inventory is recorded at its cost. If the cost of an inventory decrease from its original cost then a major removal from the historical cost principle occurs. The decrease in the original price of any inventory could occur for a variety of reasons the damaged goods, changes in the price level, and so on.…