Important accounting information

Accounting definition:
                       It is an art of recording classifying and summarizing financial transactions in significant manner.
  Journal:
                   It is an book of primary entrie.Recording as per chronological order.
 Ledger:
                   It is a statement of all the financial transactions related to assets,liabilities,shareholders,revenues&gains,and expenses or losses in a given time period.
 posting: 
                 The process of transfering the financial transactions from journal to ledger.
Trail balance: 
                  It is used to checking the arthematical accuracy before going to prepare final accounts.

Formula: 
      
               SUM OF DEBIT=SUM OF CREDIT




Finanl accounting/Balance sheet:
                                               it explain financial position of the firm.