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Accounting of Non-Profit Making Organizations Preparation of Statement of Affairs Prepare statements of affairs Certainly, proper accounting is essential for non-trading institutions. These concerns maintain, generally, a cash book and later they prepare a summary of cash transactions appearing in
Incomplete Records Statements Showing Profit or Loss From Incomplete Records Draw up statements to show profit or loss from incomplete records Some times, businesses, especially small businesses do not maintain a full set of double entry records. Consequently, no trial
Control Account Control Account from Subsidiary Records Construct control account from subsidiary records Definition: A control account is a summary-level account in the general ledger. This account contains aggregated totals for transactions that are individually stored in subsidiary-level ledger accounts. Control
Manufacturing Account Difference in Accounting for Stocks between Manufacturing Companies and Merchandising Companies Explain the difference in accounting for stocks between manufacturing companies and merchandising companies The businesses which produce and sell the items prepare the following accounts at the
Balance Sheet (Classified) Meaning of Each Asset and Liability Classification Appearing on a Balance Sheet Define each asset and liability classification appearing on a balance sheet A classified balance sheet presents information about an entity’s assets, liabilities, and shareholders’ equity
Financial Statements General Purpose Financial Statements Describe general purpose financial statements Financial Statements Definition: Financial statements are a collection of reports about an organization’s financial results, financial condition, and cash flows. They are useful for the following reasons: The standard contents
Bad Debts The Bad Debts Account Show the bad debts account What are bad debts? The term bad debts usually refers to accounts receivable (or trade accounts receivable) that will not be collected. However, bad debts can also refer to notes receivable
Depreciation Cost of a Fixed Asset Determine the cost of a fixed asset Depreciation is the systematic reduction in the recorded cost of a fixed asset. Examples of fixed assets that can be depreciated are buildings, furniture, leasehold improvements, and office
Capital Expenditure and Revenue Expenditure Meaning of Capital Expenditure and Revenue Expenditure Give the meaning of capital expenditure and revenue expenditure Capital Expenditure Payments made in cash or cash equivalents over a period of more than one year. Capital expenditures
Adjustments Adjusting entries are accounting journal entries that convert a company’s accounting records to theaccrual basis of accounting.An adjusting journal entry is typically made just prior to issuing a company’sfinancial statements. The Reasons Why the Life of a Business is
What is Agriculture? Agriculture refers to a fundamental human activity, which i...
POPULATION STUDIES Is the general activities carried out for the purpose of acqu...
CONCEPT OF SOIL AND SOIL PROFILE Soil appears very complex and thus differe...
GROUND WATER WATER CYCLE Rain falls on the earth surface in filtrates (soaks int...
THEORIES THEORY OF ISOSTASY Denudation has been going on the continents where to...
GLOBE Is the model of the earth Earth Is ball of rock partly covered by wat...
Photograph are the true image pictures showing truly appearance of the earth’s...
What is a map? Map is a scaled conventional representation of the whole or any o...
INTRODUCTION TO SURVEYING Surveying is an art or a science of measuring and reco...
Definitions of Research – Research is the systematic investigation into a...
STATISTICS Statistics is a branch that deals with every aspect of the data. Stat...
