Dual Entry Accounting – Business Administration

Bookkeeping – Suspense Accounts (Lesson 55)

Jun 10, 2017

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in Bookkeeping – Regular Business Activity

When bookkeepers face an unknown variable with a transaction and don’t know where to place the debit or credit, they use a temporary account to hold the value. This is called the ‘Suspense’ account.

Bookkeeping – Various Terms (Lesson 26)

Jan 24, 2017

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

In the previous 25 lessons I covered a lot of different terms and this lesson is merely a summary of the various terms a bookkeeper encounters.

Bookkeeping – Proper Balance Sheet Presentation (Lesson 20)

Jan 14, 2017

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

The balance sheet serves as an historical report. It identifies the accumulated change in value since inception.

Bookkeeping – Complex Entries (Lesson 15)

Mar 14, 2016

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

Many bookkeepers are initially misinformed about the dual entry accounting system. They think that based on the wording that accounting entries have only two lines of information, one line for a debit and a second line for a credit. What the words dual entry mean is that debits must equal credits.

Bookkeeping – Debits and Credits in Expense Accounts (Lesson 8)

Aug 19, 2015

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by

David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

Expense types of accounts are the easiest to understand in bookkeeping. In general only debits are entered in expense types of accounts.

Bookkeeping – Ledgers and Journals (Lesson 3)

Aug 1, 2015

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by

David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

In order to understand how an entry is made to the books of record, the bookkeeper needs to understand the difference between a journal and a ledger as they pertain to bookkeeping.