Statement of Affairs

Statement of Affairs Method for Calculation of Profit or Loss under Single Entry System

A trader may keep his accounting records under the single entry system due to lack of resources or expertise. However he would be equally eager to calculate his profit or loss...
Single Entry System

Single Entry System: Accounting for Small Business from Incomplete Records:

Introduction to Single Entry System Who use the Single Entry System and Why? Single Entry System of Accounting, also known as Accounting from Incomplete Records, is a non-standard and non-scientific system of accounting....
Difference Between Bookkeeping and Accounting

Difference Between Bookkeeping and Accounting

Many students and professionals generally have the concept that Bookkeeping and Accounting are synonymous. However they are not same and there is massive difference between Bookkeeping and Accounting. So get set...
Journal Entries for bills of exchange

Accounting for Bills of Exchange: Journal Entries for Various Transactions

Accounting For Bills Of Exchange: Journal Entries for Bills of Exchange In this article I will be discussing the Journal entries for Bills of Exchange.Also read: An Introduction to Bills of ExchangeDiscounting,...

Bills of Exchange: Discounting, Endorsement, Dishonour, Noting & Protest etc.

Discounting of Bills of Exchange Bills of Exchange are generally payable after a certain period which is called the tenure of the bill (i.e on maturity).However it may so happen that the...
An Introduction to Bills of Exchange

An Introduction to Bills of Exchange

Introduction You must be aware of the fact that in the modern business scenario, most of the business transactions are made on credit. Customers are lured with the facility of enjoying credit...
video

Entity Concept of Accounting

Entity Concept of Accounting The above video gives an indepth understanding of the Entity Concept of Accounting. However if you wish to read instead of watching a video tutorial, read along. What is...
video

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) | Meaning and Need Accounting is the language of the Business. It is used to express the financial results and the state of financial affairs of a...
Rectification of Errors

Rectification of Errors in Accounting: Nature and Types of Errors with Rectification Guidelines

Introduction In this article we are going to discuss the process of rectification of errors which can crop up into the bookkeeping process.  Since bookkeeping is a manual process, when transactions are...

Debit Note and Credit Note: Meaning and Uses

Debit note and credit note are frequently used documents in any business and is of paramount importance for adjustments in the balances of debtors and creditors. In this article, I am going...

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