Accounts from Incomplete Records

Accounts from Incomplete Records

Accounting records, which aren’t strictly kept consistent with the double-entry bookkeeping system are referred to as Accounts from incomplete records. Many authors describe it as a single entry system. However, a single-entry bookkeeping system may be a misnomer because there’s no such system for maintaining accounting records. It is also not a ‘shortcut’ method as … Read more

Admission of a Partner

Admission of a Partner

Admission of a Partner means when a new partner could also be admitted when the firm needs additional capital or managerial help. According to the provisions of the Partnership Act 1932 unless it’s otherwise provided within the partnership deed a replacement partner is often admitted only the prevailing partners unanimously comply with it. For example, … Read more

Issue and Redemption of Debentures

Issue and Redemption of Debentures

A company raises its capital by means of an issue of shares. But the funds raised by the difficulty of shares are seldom capable meet their future financial needs of a corporation. Hence, most companies address raising long-term funds also through debentures which are issued either through the route of personal placement or by offering … Read more

Types of Companies in Accounting

Types of Companies in Accounting

There are five types of companies in accounting and each one have different categories. Now we explain all separately as under the following: 1. On the basis of incorporation a) Statutory company b) Registered company 2. On the basis of the number of members a) Private company b) Public company c) One person company 3. … Read more

Sourcing of Accounting Software

Sourcing of Accounting Software

The sourcing of Accounting software is an integral part of the computerised accounting system. An important factor to be considered before acquiring accounting software is the accounting expertise of people responsible in the organisation for accounting work. People, not computers, are responsible for accounting. The need for accounting software arises in two situations : (a) … Read more

Management and Accounting Information System

Management and Accounting Information System

In order to remain competitive, organisations depend heavily on Information Systems. Management Information System (MIS) is used as the most common form of information system. A management information system (MIS) is a system that provides the information necessary to make decisions and manage an organisation effectively. Accounting Information System (AIS) identifies, collects, processes, and communicates … Read more