Tag Archives: Financial-Accounting

Q. Define Depreciation and Discuss types of Depreciation methods. Ans. : DEPRECIATION:      The reduction in value of a tangible fixed asset due to normal usage, wear and tear, new technology or unfavorable market conditions is called Depreciation. Assets, such as plants and machinery, buildings, vehicles, etc., which are expected to last more than one year, but not for infinity, are subject to …

ADJUSTMENT ENTRIES The preparation of income statement or Trading, Profit and Loss Account and Balance Sheet is the last stage of accounting process. According to the principles of double entry system of accounting all the expenses and incomes relating to a particular period whether incurred or not should be taken into account. In order to give the true and fair …

Preparation of final account is the last stage of the Accounting Cycle. The basic objective of every concern maintaining the book of accounts is to find out the profit or loss in their business at the end of the year.  Every businessman wishes to ascertain the financial position of his business firm as a whole during the particular period. In …

ADVANCED ACCOUNTING 2nd Edition by IAN HARRISON

  WHAT IS BOOKKEEPING? The part of accounting that is concerned with recording data is often known as Book-keeping. All accounting data was kept by being recorded manually in books, hence it is called Book-keeping. so we can say that, “It is the art of recording business transactions in the books of account in a proper manner“. Google Ads: Bookkeeping …

Introduction to Accounting The word “Accounting” means “Language of Business”. Business managers, cashiers, and salesmen use the term accounting to explain business events. You will find that many of the terms used in accounting have obviously different meanings in non-accounting usage. If you need knowledge of accounting you will have to know about business operations and the basis on which …