Non Profit Accounting: Accounting for Non Profit Organizations

Introduction to Non Profit Accounting There are many organisations which are not run with the objective of earning profit. In this article we will learn how to do accounting for non profit...

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...

Accounting for Depreciation

In this article we will discuss the alternative methods to account for depreciation in the books of accounts. If you want to read about the concept of depreciation and why it...
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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...

Methods of Depreciation: Straight Line Method or Fixed Installment Method

In the field of accountancy, several methods of charging depreciation are adopted by different entities. However before beginning with the discussion I would like to clarify that the methods of charging...

Depreciation: Meaning and Need

Fixed Assets are held in business concerns for regular use and not for resale. However a fixed asset cannot render unlimited service to the business. Except Land, all other fixed assets...
Journal Proper

What is Journal Proper and When is it used?

Journal Proper is a term that every accounting student has heard. However lot of them are unsure of what a Journal Proper is and what is its purpose. If you are...
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 Bad and Doubtful Debts

Credit Sales are a normal phenomenon in a business and with the credit sales, there are bound to be Debtors. Now the Debtors bring with them the component of risk factor...
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...

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