Double Entry System Definition, Advantages of Double Entry System
Double Entry System of book-keeping has emerged in the process of evolution of various accounting techniques. It is …
Accounts
Petty Cash Book, Imprest System of Petty Cash (Advantages)
Petty Cash Book: Payments in cash of small amounts like traveling expenses, postage, carriage etc. are petty cash expenses. …
Rules of Debit and Credit, Concept of Debit and Credit Entries
Rules of Debit and Credit: The left hand side of an account is called the debit side; while …
Suspense Account, What Is a Suspense Account? with Examples
Suspense Account: When a trial balance does not agree, efforts are made to locate errors and rectify them. …
Systems of Accounting, Basis of accounting (Cash & Accrual Basis)
Systems of Accounting, Basis of accounting (Cash Basis & Accrual Basis). Difference between Accrual Basis of Accounting and Cash …
Classification of Errors, Types of Errors (Clerical Errors)
Classification of Errors or Types of Errors: Every concern is interested in ascertaining its true profit and financial …
Fundamentals of Accounting, Introduction to Financial Accounting
Fundamentals of Accounting: Every individual performs some kind of economic activity. A salaried person gets salary and spends …
Rectification of Errors, Stages of Errors, Need for Rectification
Rectification of Errors: Every concern is interested in ascertaining its true profit and financial position at the close of …
Difference between Capital Receipts and Revenue Receipts
Difference between Capital Receipts and Revenue Receipts: Receipts which are not of revenue nature are capital receipts.The Receipts …
Accounts and its Classification, Types of Accounts (An Analysis)
Accounts and its Classification (Accounts Classification): The business transactions are recorded in accounts. An account is an individual record …
Trial Balance: features, objectives, methods of preparing
Trial Balance methods: A trial balance is a schedule or list of debit and credit balances extracted from …
Capital Expenditure, Meaning with example of Capital Expenditure
Capital expenditure is that expenditure which results in acquisition of an asset or which results in an increase …