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The difference between a controller and a comptroller

Accounting Tools

Related Courses 7 Habits of Effective Controllers Controller Education Bundle New Controller Guidebook The controller and comptroller titles refer to the same position, which is the person responsible for all accounting operations of a business. In essence, the titles are mutually exclusive within an organization.

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How to prepare a trial balance

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The trial balance is an accounting report that lists the ending balance in each general ledger account. This means that it states the total for each asset, liability, equity, revenue, expense, gain, and loss account. The report summarizes all journal entries made, aggregated by account. What is a Trial Balance?

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Account title definition

Accounting Tools

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account Title? An account title is the unique name assigned to an account in an accounting system. Without an account title, the possibility of making an incorrect entry into the wrong account would be much higher.

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Equitable title definition

Accounting Tools

Related Courses Fiduciary Accounting What is Equitable Title? Equitable title is the right to the use and enjoyment of assets. The concept often refers to having a financial interest in a property, even if title to it is held by another party. Related Articles Estate Estate Planning Trust Fund

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When inventory ownership occurs under FOB terms

Accounting Tools

Related Courses Accounting for Freight Accounting for Inventory Inventory Management The term FOB is an abbreviation of free on board. If goods are shipped FOB destina­tion , transportation costs are paid by the seller and title does not pass until the carrier delivers the goods to the buyer.

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FOB destination definition

Accounting Tools

Related AccountingTools Course Accounting for Freight FOB Destination, Freight Prepaid and Allowed Under FOB destination, freight prepaid and allowed terms, the seller pays and bears the freight charges and owns the goods while they are in transit. Title passes at the buyer's location. Title passes at the buyer's location.

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Account balance definition

Accounting Tools

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account Balance? An account balance is the current total in an account. General Ledger Account In accounting, the account balance is the current residual balance in an account.