[ad_1] Long ago, after proudly surviving my first formal accounting classes, I was confronted by a CPA friend of mine (Tom K.) with a mind-numbing quiz. If you’re so smart Tim, then tell me, what is a debit and what is a credit? I proceeded to launch into a picture-perfect and lengthy explanation of debits […]
Explanation of T Account, Debit and Credit, and Double Entry Accounting System
[ad_1] In this accounting lecture, we will talk about T-accounts, accounting debits and credits, accounting balances and double entry accounting system. All accountants know several terms that create basis for any accounting system. Such terms are T-account, debit and credit, and double entry accounting system. Of course, these terms are studied by accounting students all […]
Accounting for Law Firms – Get Your Trust Funds in Order!
[ad_1] Understanding Accounting for Law Firms One of the most difficult bookkeeping tasks for law firms is the correct processing of client trust accounts. The client trust account is a bank account where law firms hold money for a client to cover the cost of expenses. The trust account, also known as an IOLTA account […]