What is General Ledger? General Ledger in simple language is the grouping of transactions of similar nature. An organization has multiple transactions in a day. Every transaction leads to two entries as per the double-entry system of bookkeeping. These entries
What Are Financial Statements? Financial statements are written records that convey the business activities and the financial performance of an entity. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or
What Is a Balance Sheet? A balance sheet is a financial statement that reports an entity’s assets, liabilities, and shareholders’ equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital
What is an Income Statement? An income statement is one of the three important financial statements used for reporting a company’s financial performance over a specific accounting period, with the other two key statements being the balance sheet and the statement of cash flows. Also known as
