Tag Archives: Accounting Standards

Types of Cash Book, How Many Types of Cash Book, Contra Entry

Types of Cash Book

Types of Cash Book: Cash book is the book in which all transactions concerning cash receipts and cash payments are recorded. Cash Book is in the form of an account. It serves the purpose of Cash Account also. On the debit side, all cash receipts are recorded while on the credit side, all cash payments […]

Journal, What is Journal, Advantages of Journal, Functions of Journal

Advantages of Journal

Journal: A journal is often referred to as Book of Prime Entry or the book of original entry. In this book transactions are recorded in their chronological order. The process of recording transaction in a journal is called as ‘Journalisation’. The entry made in this book is called a ‘journal entry’. Journal is the book of […]

Ledger – Principal Book of Accounts, Ledger Accounts, Ledger Posting

Ledger Book, Ledger Posting

Ledger – Principal Book of Accounts: All journals are posted into ledger chronologically and in a classified manner Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. It is a set of accounts. It contains all accounts of the business enterprise whether […]

Branches of Accounting, Types of Accounting, How Many Branches in Accounting

Branches of Accounting

Branches of Accounting: Accounting has universal application for recording transactions and events and presenting suitable information to aid decision-making regarding any type of economic activity ranging from a family function to functions of the national government. But hereinafter we shall concentrate only on business activities and their accounting because the objective of this study material is […]

Journal : Books of Prime Entry, Functions and Advantages of Journal


General Journal: This is also known as Journal Proper or General Journal. It is used for making the original record of such transactions for which no special journal has been kept in the business. All transactions are first recorded in the journal as and when they occur; the record is chronological; otherwise it would be difficult to […]

Maintaining Books of Accounts by Small Business Owners

Maintaining Books of Accounts by Small Business Owners

Maintaining Books of Accounts by Small Business Owners, Check Complete Requirement of Maintenance of Books of Accounts, also check Requirement to Maintain Books And Audit, What books of accounts are required to be maintained by “persons?”,  Where the books of accounts should be kept. in this article you may check complete details regarding Maintaining Books of […]

Accounting for Not for Profit Organisation, Accounting for Special Items

Accounting for Not for Profit Organisation

Accounting for Not for Profit Organisation, Check Accounting for non profit organisations, Hi Friends here we are providing complete details for Accounting for Not for Profit Organisation like – non profit organisation accounting treatment, non profit organisation accounting procedure, details for What’s Income and Expenditure Account?, What’s balance-sheet?, What’s balance-sheet?, Accounting for Special Items etc. Now you can scroll […]

Advantages of Accounting, check out main Advantages of Accounting

Advantages of Accounting

Advantages of Accounting: These advantages usually coincide with the ability for companies to improve operations and overall profitability. Business owners can also create a competitive advantage by developing cost allocation processes in their management accounting function. Business is an economic activity undertaken with the motive of earning profits and to maximize the wealth for the […]

Limitations of Accounting, Disadvantages of Accounting (Explained)

Limitations of Accounting

Limitations of Accounting, What are the Limitations of Accounting: Accounting is not fully exact: Accounting is influenced by the personal judgment in respect of various terms.People are bound to have different ideas and the estimates will naturally differ from person to person. Thus this will lead to the different amount of profit shown by a different […]

Net Present Value (NPV): Meaning of NPV, How to Calculate NPV

Net Present Value NPV

Net Present Value (NPV): Meaning of NPV, How to Calculate NPV. Complete Analysis of Net Present Value (NPV). Hi Friends Check details for How do we calculate the Net Present Value?, Definition of Net Present Value (NPV). Now you can scroll down below n check more details for Net Present Value (NPV)… Net Present Value Net Present Value (NPV) […]