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Posted by Sabyasachi Sahoo 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
- Accounting Period Concept: Accounting period is the timeframe at the end of which, the financial statements of a business are prepared, to evaluate its profits and losses, and to learn the status of its assets and liabilities. This is required for the smooth availability of data to the users of the accounting information in a convenient manner.
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Ziya Abbas 1 year, 10 months ago
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Posted by Thakur Akhil Singh Sengar 5 years, 1 month ago
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Thakur Akhil Singh Sengar 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
It a mathod of advancing loan by a commercial bank underwhich short term secured cash loan is provided by the bank to the borrower and the borrower can withdraw the amount in a single instalment or in a number of instalment according to his requirements.
Meghna Thapar 5 years, 1 month ago
Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. Bank credit is the total amount of funds a person or business can borrow from a financial institution. Credit approval is determined by a borrower's credit rating, income, collateral, assets, and pre-existing debt.
Posted by Priya Yadav 5 years, 1 month ago
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Posted by Shourya Yadav 5 years, 1 month ago
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Deepanshu Jha 5 years ago
Yogita Ingle 5 years, 1 month ago
When a firm/account holder withdraws excess amount over the available bank balance, then the account runs a negative bank balance. The negative balance is called a bank overdraft. In other words, bank overdraft is the excess of withdrawals over deposits.
Posted by Subhash Chand 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
| Reserve | Provision |
| Definition | |
| The portion of profit kept aside for unforeseen obligations of a business | A portion of money from the business set aside for meeting known liabilities or expenses |
| Method of Creation | |
| Created by debiting Profit and Loss appropriation account | Created by debiting Profit and Loss Account |
| Purpose | |
| It provides capital for running the business and safeguards against expenses from unforeseen contingencies | It secures business from expenses arising from known liabilities |
| Allocation | |
| Presence of profit is required for allocation of reserve. | Presence of profit not necessary for allocation |
| Dividend Payment | |
| Paid from reserves | Cannot be paid |
| Impact on Profit | |
| Reduces net profit of the organisation | Reduces profits for dividend distribution |
| Appears in | |
| Always shown on the liability side | Appears as a deduction from the concerned asset, in case of an asset, in case of liabilities, it is shown in the liabilities side |
| Utilisation | |
| Can be used for any given purpose | Needs to be used for the specific purpose it is allocated for |
Posted by Chaitanya Mehndiratta 5 years, 1 month ago
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Posted by Kamini Chaudhary 5 years, 1 month ago
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Amit Singh 5 years ago
Harshita Dhariwal 5 years ago
Deepanshu Jha 5 years ago
Yogita Ingle 5 years, 1 month ago
Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.
Posted by Sandeep Jaiswal 5 years, 1 month ago
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Sandeep Jaiswal 5 years, 1 month ago
Meghna Thapar 5 years, 1 month ago
Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. ... Economic Events- It is a consequence of a company has to undergo when the number of monetary transactions is involved.
Accounting is the art of recording, classifying, summarizing in a significant manner, transactions and events which are of financial character, and interpreting the results thereof.
Branches of Accounting:
There are basically 3 branches of accounting:
FINANCIAL ACCOUNTING - deals with the recording of financial transactions, events, summarising and interpreting them & in the end communicating them to the interested parties. Its role is confined to preparation of financial statements i.e: Profit/Loss Account and Balance Sheets.
COST ACCOUNTING - deals with the ascertainment of cost of the manufactured products or services rendered and helps the management in Decision Making & exercising control.
MANAGEMENT ACCOUNTING - deals with preparation of management reports and accounts that give accurate and timely financial and statistical information required by managers to make day - to - day and short-term decisions.
Posted by Priya Yadav 5 years, 1 month ago
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Harshita Dhariwal 5 years ago
Posted by Tanya Tiwari 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
- A cash book consists of first entries or original entries whereas a cash account is a ledger account and posts here are originally entered somewhere else.
- Cash books contain narration that comes after entry but in a cash account, there is no need for narration.
- A cash book is a subsidiary book whereas a cash account is a ledger account.
- In terms of folios, cash books have ledger folios while cash accounts have journal folios. Cash books have a ledger folio which stands for the page number of a ledger account from where a transaction was posted.
- Cash accounts have a journal folio which stands for the page number from where the transaction was posted.
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Posted by Rashmi Kumari 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
Internal liability:- it is the amount payable to the owner by the business. It appears as capital in balance sheet.
External liability:- liability which are payable to outsiders. External liability arrives because of credit purchases or loans raised or taken. eg:-creditors, bank loan, bills payable etc.
.... .... 5 years, 1 month ago
Posted by Bitsiewdor Nongrang 5 years, 1 month ago
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Meghna Thapar 5 years, 1 month ago
Generally Accepted Accounting Principles is the accounting standard adopted by the U.S. Securities and Exchange Commission. Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.
Posted by Udit Rathore 5 years, 1 month ago
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Yogita Ingle 5 years, 1 month ago
Accounting principles, concepts and conventions are known as Generally Accepted Accounting Principles (GAAP). These principles are the base of Accounting. Generally Accepted Accounting Principles (GAAP) refers to the rules or guidelines adopted for recording and reporting of business transactions, in order to bring uniformity and consistency in the preparation and the presentation of financial statements.
These principles have evolved over a long period of time on the basis of experiences of the accountants, customs, legal decisions etc., and which are generally accepted by the accounting professionals.
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Sanjana Kumari 5 years, 1 month ago
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