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what are the funcitons and importace of the following

  1. cancelled cheque
  2. pay in slip
  3. Draft slip
  4. cash memo
  5. invoice and bill
  6. voucher
Posted by govind gulia (May 22, 2017 5:18 p.m.) (Question ID: 5432)

What is the difference between accounting and accountancy?


Posted by Shagun Vishwakarma (May 19, 2017 8:24 a.m.) (Question ID: 5371)

  • Answers:
  • Accountancy is work done by accountant: the work or profession of an accountant

    Accounting is the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes.

    Answered by Naveen Sharma (May 19, 2017 9:14 a.m.)
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Name the financial statement in which the balance of suspense account will be shown


Posted by Vishu Jaiz (Mar 17, 2017 2:03 p.m.) (Question ID: 3986)

What is  accounting standards? And revenue?

Posted by Sita Kadian (Mar 08, 2017 8:23 p.m.) (Question ID: 3317)

  • Answers:
  • Ans. Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.

    Revenues are the assets earned by a company's operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services. The revenue account is an equity account with a credit balance.

    Answered by Naveen Sharma (Mar 09, 2017 11:28 a.m.)
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What is demand bill? And what is cash Memo?

Posted by Sita Kadian (Mar 08, 2017 12:02 p.m.) (Question ID: 3287)

  • Answers:
  • Ans. Demand bill is a bill of exchange which must be paid when payment is asked for.

    Cash Memo is a document that a seller passes to a buyer at the time of a specific purchase of goods or services. It is the equivalent of an invoice and is only used to record transactions that are paid for using cash, rather than bank transactions or checks.

    Answered by Naveen Sharma (Mar 08, 2017 7:52 p.m.)
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Posted by Ayan Basak (Mar 02, 2017 6:01 p.m.) (Question ID: 2915)

journal entry purchases return


Posted by Sugam Kapoor (Feb 22, 2017 11:49 a.m.) (Question ID: 2439)

  • Answers:
  • Purchase return is always credited

    Answered by Richa Aggarwal (Feb 23, 2017 6:05 p.m.)
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give any two examples of current assets

Posted by Abhishek Jaat (Feb 22, 2017 8:32 a.m.) (Question ID: 2429)

  • Answers:
  • Stock

    trade receivable 



    Answered by Riya Girdhar (Feb 22, 2017 9:12 a.m.)
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what are the differences between balance sheet and trial balance?

Posted by ajit mohanty (Feb 21, 2017 10:33 p.m.) (Question ID: 2418)

  • Answers:
  • Ans.  The differences are following:

    1. Statement of debit and credit balances were taken from general ledger is known as Trial Balance. Statement of assets and equity & liabilities is known as Balance Sheet.
    2. Trial Balance does not include closing stock while the Balance Sheet does not include opening stock.
    3. Trial Balance checks the arithmetical accuracy in the recording and posting while balance sheet is prepared to determine the financial position of the company on a specific date
    4. Trial Balance is prepared after posting into ledger whereas Balance Sheet is prepared after the preparation of Trading and Profit & Loss Account.
    5. The Balance Sheet is the part of the Financial Statement while Trial Balance is not a part of the Financial Statement.
    6. Balances of all personal, real and nominal account are shown in the trial balance. On the contrary, Balance sheet shows the balances of personal and real account only.
    7. The trial balance is prepared at the end of each month, quarter, half year or the financial year. Conversely, the balance sheet is prepared at the end of each month.
    8. The trial balance is prepared for internal use only, however, the balance sheet is prepared for both internal and external use, i.e. to inform outside parties about the financial condition of the entity.
    Answered by Naveen Sharma (Feb 21, 2017 11:18 p.m.)
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What is capital expenditure and revenue expenditure


Posted by Abhishek Dora (Feb 18, 2017 8:53 a.m.) (Question ID: 2277)

  • Answers:
  • An expenditure which neither creates assets nor reduces liability is called Revenue Expenditure, e.g., salaries of employees, interest payment on past debt, subsidies, pension, etc.

    An expenditure which either creates an asset (e.g., school building) or reduces liability (e.g., repayment of loan) is called capital expenditure.


    Answered by Manish Gandhi (Feb 18, 2017 5:59 p.m.)
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What is net profit ??

Posted by Richa Aggarwal (Feb 14, 2017 9:51 p.m.) (Question ID: 2123)

  • Answers:
  • Ans. Net profit, often referred to as net income, is the amount of money a company has left after all expenses, including taxes, have been subtracted from total revenue. Net profit is reported on a company's income statement and is one of the key indicators of the success or failure of a company's business operation during a given time period.

    The actual formula for calculating net profit is:

    Net Profit = Total Revenue - Total Expenses

    Answered by Naveen Sharma (Feb 15, 2017 12:09 p.m.)
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define DBMS?

Posted by sneha raturi (Feb 12, 2017 10:29 p.m.) (Question ID: 2061)

  • Answers:
  • A database management system (DBMS) is a computer software application that interacts with the user, other applications, and the database itself to capture and analyze data. A general-purpose DBMS is designed to allow the definition, creation, querying, update, and administration of databases.

    Answered by ajit mohanty (Feb 21, 2017 10:39 p.m.)
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  • Ans.  DBMS: It is a computerized Record keeping system (software) that allows access to data contained in a database. The DBMS makes possible to share the data in the database among multiple users.

    Answered by Naveen Sharma (Feb 13, 2017 12:46 p.m.)
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How to calculate opening balance in non profit organisation?

Posted by Nishant Raj (Jan 23, 2017 11:24 p.m.) (Question ID: 1580)

imagine that you are doing a business , record all the transactions in journal, ledger , trial balance and financial statement , which will happen in an accounting period

Posted by Gagan Deep Kaur (Dec 28, 2016 12:33 p.m.) (Question ID: 903)

  • Complete the question...

    Posted by Richa Aggarwal (Jan 23, 2017 5:16 p.m.)
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Accounting provides information about the profitably and financial soundness of aa concern. In addition, it provides various other valuable information also. However, accounting has certain limitations? Explain the limitations which is concerned with the manipulation of accounts


Posted by Anmol Aggarwal (Dec 27, 2016 10:05 a.m.) (Question ID: 882)

how do prepare finacial statment?


Posted by Prakul Rana (Dec 02, 2016 8:20 p.m.) (Question ID: 675)

(financial accounting-1)

Posted by Bishal Kumar (Oct 09, 2016 9:11 a.m.) (Question ID: 356)

  • Answers:
  • Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financialstatement such as an income statement or a balance sheet.

    Answered by P.S. Aditya (Oct 11, 2016 4:35 p.m.)
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