Meaning of Accounting in Simple Words

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Accounting for Share Capital

Accounting for Share Capital

A company sort of organisation is that the third stage within the evolution of sorts of organisation. Its capital is contributed by an outsized number of persons called shareholders who are the important owners of the corporate.

Computer Application in Accounting

Computer Application in Accounting

Contents1 1.1 2 2.1 I) Speed:2.2 II) Accuracy:2.3 III) Reliability:2.4 IV) Versatility:2.5 V) Storage:3 3.1 Lack of Commonsense:3.2 Zero IQ:3.3 Lack of Decision-making: Computer Application in Accounting is technological know-how and its utilization has registered an enormous improvement during the closing three decades. Historically, computer systems have been used efficiently in science and science to … Read more

Distinction between Capital and Revenue

Distinction between Capital and Revenue

Contents1 2 3 4 A very important is the Distinction between Capital and Revenue Items in accounting. The distinction has important implications for creating the trading and profit and loss account and record. The revenue items form a part of the trading and profit and loss account, the capital items help with the preparation of … Read more

Balance Sheet

Balance Sheet

Contents1 2 3 What are Relevant Items in the Balance Sheet3.1 Current Assets:3.2 Current Liabilities3.3 Fixed Assets:3.4 Intangible Assets:3.5 Long-term Liabilities:3.6 Capital:3.7 Drawing:4 Marshalling and Grouping of Assets and Liabilities in Balance Sheet Balance Sheet- The record may be a statement prepared for showing the financial position of the business summarizing its assets and liabilities at … Read more

Trading and Profit & loss Account

Trading and Profit & loss Account

Contents1 1.1 1.1.0.1 Items on the debit side1.1.0.2 Items on the credit side of Trading and Profit & loss Account1.2 Closing Entries in Trading and profit & loss account1.3 Concept of Gross Profit and Net Profit in Trading and profit & loss account1.4 Trading and Profit & Loss Account are prepared to determine the profit … Read more

Best Accounting Books for Beginners

Best Accounting Books for Beginners

Contents1 1.1 1. Think Like an Accountant1.1.1 After reading this book:1.2 2. Accounting for beginners1.3 3. Accounting Principals1.4 4. Basic Accounting Simplified1.5 5. Accounting 1. Think Like an Accountant This book is written by Shubhasish Das. This is the Best Accounting Books for Beginners for all who are struggling to understand accounting and do not … Read more

Bill of Exchange

Bill of Exchange

Contents1 What is a Bill of exchange?2 3 4 5 6 7 8 9 10 11 What is a Bill of exchange? Bill of Exchange-Goods are often sold or bought for cash or on credit. When goods are sold or bought for cash, payment is received immediately. On the other hand, when goods are sold/bought … Read more

Difference between Provisions & Reserves

Difference between Provisions & Reserves

Contents1 1.1 1.2 1.3 2 3 4 5 Difference between Provisions & Reserves- Provisions are certain expenses/losses that are related to the current accounting period but the amount of which is not known with certainty because they are not yet incurred. It is necessary to form a provision for such items for ascertaining true net … Read more

Petty Cash Book in Accounting

Petty Cash Book in Accounting

Contents1 2 2.1 Saving of Time and efforts of the chief cashier2.2 Effective control over cash disbursements2.3 Convenient recording3 Petty cash book in accounting – In every organization a Petty Cash Book is maintained by many small payments such as conveyance, cartage, postage, telegrams, and other expenses (collectively recorded under miscellaneous expenses) made. These are … Read more

Depreciation Meaning

Depreciation Meaning

Contents1 What is a Depreciation?2 3 4 4.1 Expiration of Legal Rights:4.2 Obsolescence:4.3 Abnormal Factors:5 Need for Depreciation5.1 Matching of Costs and Revenue5.2 Consideration of Tax:5.3 True and Fair Financial Position:5.4 Compliance with Law: 6 6.1 Cost of Asset:6.2 Estimated Net Residual Value:6.3 Depreciable Cost:6.4 Estimated Useful Life:6.5 Methods of Calculating Depreciation Amount:6.6 Straight Line Method:7 … Read more