The voucher system in accounting is a method of controlling payments made by a business. The system ensures only authorized payments are made and can be used for both goods and services purchased either on account or for cash.

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The matching principle or expense recognition principle forms a necessary part of the accrual basis of accounting, and ensures that expenses are matched to revenues recognized in an accounting period.

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This post shows how to calculate manager's commission on net profit after charging such commission.

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Test your knowledge of the trading profit and loss account with our online quiz.

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The 3 column ledger account adds a third column to the standard T account used in bookkeeping, in order that a running balance can be maintained on the account. The three columns are debit, credit and balance.

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