List of Tally Ledgers Groups List pdf: (Tally ledger under which head). check the complete list of tally ledgers created under the group list of Tally ERP 9 AND Earlier tally versions. tally ledger under group list in Hindi, Ledgers are a very important part of Journal Entries in Tally. Here we provide a list of common ledgers created … Read more
Various Types of Vouchers In Accounting, Be it vouching or passing an entry or maintaining regular books of accounts, the knowledge of vouchers & its types is very important. You must know what a voucher is & what are the various types of vouchers. So, let us have a look on the same. Accounting Voucher: … Read more
Typse of accounts: There are 3 types of Accounts i.e Personal account, Real Account, Nominal Account. The term “account” is always used in accounting / Book keeping to denote a specific record which stores all the debit and credit aspects related to that. Types of Accounts Meaning of Account : In accounting, the transactions that occurred … Read more
Download Accounting Heads for Tally we are providing a list of all accounting Heads for tally with descriptions. You can find all details of these accounting heads. Accounting Heads are very important for the tally. We always classified many expenses in heads and done accounting by using these Heads. This is my first article on Tally … Read more
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 … Read more
Accounting standard 28 Impairment of Assets: The objective of AS 28 is to prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. The asset is described as impaired if its carrying amount exceeds the amount to be recovered through use or sale of … Read more
Journal – Meaning: Process and Types of Journal Entries. Journal is the first stage of recording business transactions. It is called as “Book of original entry” After receiving the source documents related to business transactions entries are recorded in the journal, which is called Journalizing the transactions. Journal provides base for whole Accounting process by … Read more
Subsidiary Books: Introduction and Advantages of Subsidiary Books. In a Business, most of the transactions generally relate to receipts and payments of cash, sale of goods and their purchase. It is convenient to keep a separate register for each such class of transactions one for receipts and payments of cash, one for purchase of goods … Read more
Fund flow statement also called as statement of “source and application of funds” which provides insight into the movement of funds and useful to understand the changes in the structure of assets, liabilities and equity capital And to analyze the flow of funds. If you like this article then please like us on Facebook so … Read more
Cash Basis Vs Accrual Basis of Accounting, We all have heard about the cash basis & accrual basis of Accounting, but here we will do a detailed analysis of these two forms of Accounting. We will study about what these two forms of Accounting are, what are the differences between them & when & where are … Read more
Accounting for Rectification of Errors , To err is human! So, it is obvious that while we are doing the accounting of an entity, we can make mistakes. But more important is to analyze & correct the mistakes. So here, we are providing the basics of Accounting for Rectification of Errors. Here, we will have a … Read more
What Is Debit Note and Credit Note: here we are providing complete details for Debit Note and Credit Note. In this article you can find all details related to Debit Note and Credit Note like Meaning or definition of debit note, when we issued debit note. Definition or meaning of Credit Note, When a credit … Read more
Ind AS 7 Statement of Cash Flows – Ind AS 7 prescribes principles and guidance on preparation and presentation of cash flows of an entity from operating, investing and financing activities for a reporting period. The objective of Ind AS 7 is to provide information about the historical changes in cash and cash equivalents of … Read more
Accounting for Not for Profit Organisation, Check Accounting for non profit organisations, A Not for Profit Organisation prepares their financial statements in the following form: i) Income & Expenditure Account & ii) Balance sheet Generally, such organizations also prepare a Receipt & Payment Account. Accounting for Not for Profit Organisation Must Read – Various Types of Vouchers … Read more
Double Entry System Advantages & Disadvantages: Any business transaction involves at least two accounts which we call as Debit and credit. As said above , double entry system assumes every transaction has two aspects Debit and credit. Both of these aspects should be recorded in books if accounts. It is considered as a scientific system … Read more
What is Debit and credit explained with accounting equation. We often come across the words Debit and credit in many situations like while reading accounting theory or while applying this theory, means recording the accounting entries… If we ask someone about what’s a debit and what’s a credit then they may say that left had … Read more
Material Requisition – Meaning, Procedure and Problems. Meaning of Material Requisition, Everything you want to know about Material Requisition. Material requisition may seem like a petty matter, but in fact it plays a vital role in manufacturing process. Material Requisition is important role in production scheduling. This article will explain all about material requisition. What … Read more
Capital and Revenue Expenditure & Deferred Revenue Expenditure. Find Everything You want to know about Capital and Revenue Expenditure. Complete Guide of Capital and Revenue Expenditure. Find Difference between Capital and Revenue Expenditure. What is Capital Receipt and Revenue Receipt. Here we are providing all information related to Capital and Revenue Expenditure. Recently we also provide Basic Principles … Read more
Net Present Value (NPV): Present value of cash flows minus initial investments, The Net Present Value (NPV) method as an investment appraisal or capital budgeting technique shows how an investment project affects company shareholders’ wealth in present value terms. Maximizing shareholders’ wealth is an important goal for management, and investment projects with positive NPV are … Read more
Should Professional Accountants Care about Culture? Yes!. Extensive rules and procedures alone are not enough to ensure appropriate conduct in the work place—the financial crisis of 2008 illustrated this. At the Association of Chartered Certified Accountants (ACCA), we believe that a healthy culture is a prerequisite for corporate governance and risk management to be truly effective. … Read more
Meaning of Accounting: According to AICPA Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof. Scope of Accounting, Functions of Accounting, Type of Accounting, Used of Accounting, Limitation … Read more
Debt Ratio is one of the financial ratios which compares an entity’s total amount of debt to its total amount of assets, which is used to gain a general idea as to the amount of leverage being used by a entity. Know more about Debt service coverage Ratio from below. If you like this article … Read more
Accounting Concepts are the assumptions and conditions on the basis of which financial statements of an entity are prepared. These are the concepts which are adopted by the organizations in the preparation of financial statements to achieve uniformity in reporting. Accounting concepts are the base for the formulation of accounting principles. Accounting concepts have universal … Read more
5 Key Factors to Consider While Choosing an Accounting Software. How to Choose Accounting Software. Do you run a small business? Are you planning to switch from traditional bookkeeping practices to using a business accounting software? While almost every business has benefited greatly from employing accounting software, there are few factors that you should consider … Read more