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Posted by Sachin Shakya 5 years, 3 months ago
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Meghna Thapar 5 years, 3 months ago
The basic role of accounting is to provide relevant financial information to the businessmen and the stakeholders. Furthermore, facilitating the decision making processes and keeping them updated. There are two types of functions of accounting, first, historical functioning and second, managerial functionals.
There are five basic roles or functions within the department:
- Accounts receivable.
- Accounts payable.
- Payroll.
- Financial controls.
- Financial reporting.
Posted by Manish Kumar 5 years, 3 months ago
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Yogita Ingle 5 years, 3 months ago
- Accounting
- Accounting begins where book-keeping ends.
- It summarised statements and communication the results there of to parties interested in them.
- Accounting is the science of recording and classifying business transactions.
- It makes easy to handle the business.
- Accountancy
- The knowledge of how to make accounting is called accountancy.
- Accountancy tells how to maintain various books of accounts.
- How to prepare them and how to communicate accounting information to the parties interested in them.
- Thus accounting is a systematic knowledge like other academic subject such as economics, physics, chemistry etc.
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Śěřãj The Cute? 5 years, 3 months ago
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Manish Kumar 5 years, 3 months ago
Yogita Ingle 5 years, 3 months ago
Census method is that process of the statistical list where all members of the population are analysed. A population relates to the set of all observations under concern. For instance, if you want to carry out a study to find out student’s feedback about the amenities of your school, all the students of your school would form a component of the ‘population’ for your study.
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Meghna Thapar 5 years, 3 months ago
Every debit must have a corresponding credit. ... Explanation:Every entry into the financial records of a business must balance with an equal value in debits as in credits however there could be different numbers of debits and credits therefore not a one for one matching.
The principle of double entry system of accounting is "Every debit has a corresponding credit" hence the total of all debits has to be equal to the total of all credits. In simple words, every business transaction affects two accounts. If one account is debited the the other account will be credited with the similar amount.
For example, if the business purchases machinery worth Rs. 5,00,000, then machinery account gets debited with amount Rs. 5,00,000 as the business is receiving an asset for its operation, on the other side cash account automatically gets credited with the same amount of Rs. 5,00,000 as cash is going out of business.
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Manisha Dhibar 5 years, 3 months ago
Manisha Dhibar 5 years, 3 months ago
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Namita Agarwal 5 years, 3 months ago
Cash A/C Dr. 11,500
To capital A/C 11,500
Purchase A/C Dr. 15,000
To cash A/C 15,000
Purchase A/C Dr. 10,000
To Subhash A/C 10,000
Furniture A/C Dr. 12,600
To cash A/C 12,600
Subhash A/C Dr.7,000
To cash A/C 7,000
Purchase A/C Dr. 2,500
To cash A/C 2,500
Machinery A/C Dr.9,000
To cash A/C 9,000
Rent A/C Dr. 800
To cash A/C 800
Posted by Anshu Sharma 5 years, 3 months ago
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Sheetal Cutie?? 5 years, 3 months ago
Anushka Raj 5 years, 3 months ago
Yogita Ingle 5 years, 3 months ago
Deferred Revenue expenditure are usually large in amount and benefits are not consumed within the same accounting period. Part of the amount is shown in profit and loss account and is reduced from total expenditure and rest is shown in balance sheet. These expenditure does not result in an asset creation. That's why these are shown under the head miscellaneous expenditure.
Posted by Raj Singh 5 years, 3 months ago
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