Meaning of Government Counting Terminology Meaning of the term Accounting Define the term accounting Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these
Bank Reconciliation Statement Meaning of Bank Reconciliation Statement Define Bank reconciliation Statement Bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement. The goal
Petty Cash and Impress System (Column Petty Cash Book) Operation of the Petty Cash Book Determine the operation of the petty cash Book Petty Cash Book: Petty cash book is a kind of cash book which records large number of
Books of Prime Entry The Meaning of Books of Original Entry or Subsidiary Books Give the meaning of books of original entry or subsidiary books The ledger accounts of a business are the main source of information used to prepare
Elementary Balance Sheet The Balance Sheet Define the balance sheet The balance sheet, also called the statement of financial position, is the third general purpose financial statement prepared during the accounting cycle. It reports a company’s assets, liabilities, and equity
Elementary Trading Profit and Loss Accounts Final accounts give a concise idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then
Stock Difference between Stock at Start and Stock at Close Distinguish between stock at start and stock at close Stock is the value of the goods that you have on hand to sell to your customers. If you sell services
Trial Balance Meaning of Trial Balance Define the Trial Balance Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared
Classification of Accounts It is necessary to know the classification of accounts and their treatment in double entry system of accounts. Broadly, the accounts are classified into three categories: Let us go through them each of them one by one.
Principles of Double Entry System Describe what a business transaction is An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business. Examples
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