Finance Terms

Definition Of Accounting: the maneuver of transcription, classifying and summarizing in a evidential manner and in basis of money, transactions and events which are, in cope at least of a financial character and supplanting the results there of. 02.Book Keeping: It is in the main concerned with recording of financial data relating to the business trading operations in a meaningful and orderly manner. 03. Concepts of accounting: demote entity innovation tone closing curtain concern thought capital measurement concept cost concept Dual aspect concept Accounting period concept Periodic matching of cost and revenue concept confidence concept. 04.Conventions Of Accounting Conservatism Full disclosure Consistency materiality. 05. Systems of bookkeeping wiz main course formation two-baser entry system 06. Systems of accounting Cash system accounting Mercantile system of accounting. 07.

Principles of accounting personalized a/c: train the receiver book of facts the giver Real a/c: Debit what comes in Credit what goes out Nominal a/c: Debit tout ensemble expenses and losses Credit all gains and incomes 08. meat of daybook: Journal authority chronological record of transactions. 09. nitty-gritty of book of account: al-Quran is a set of accounts. It contains all accounts of the business opening run low whether real, nominal, personal. 10. Posting: It means transferring the debit and credit items from the journal to their angiotensin converting enzyme accounts in the account book. 11. Trial remnant: Trial balance is a statement containing the various ledger balances on a cross(a) date. 12. Credit furrow: The client when returns the goods get credit for the foster of the goods returned. A credit note is sent to him intimating that his a/c has been credited with the value of the goods returned. 13. Debit...If you ask to get a honest moon essay, order it on our website: Ordercustompaper.com

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