What is Bookkeeping? Bookkeeping is the process of recording, analyzing and reading the financial transactions of a business organization or individual person. Bookkeeping is created to provide the primary information needed to create accounting statements. Each transaction must be recorded in the books, and any and all changes must be updated on a regular basis. […]
Download and Steps to fill out Bank Reconciliation Form
Bank Reconciliation form is used to reconcile your bank statement balance with your cash book balance. Its points out mistake and differences in balance, which cause an error in accounting books. To reconcile your bank balance with your cashbook you need to draw a bank reconciliation statement, but now a day excel have eased this process […]
What is Social Accounting? A complete Guide of Explanation
What is Social Accounting? Social Accounting is a first and primary accounting. Similar to traditional accounting, it is a method of calculating a company’s performance. Only with social accounting, performance is used generally to include social and environment effects. Definition of Social Accounting: We can define social accounting as; “Social accounting (also known as social accounting […]
Difference between book value and market value of Asset?
Difference between book value and market value? Book Value: book value of an asset is simply its original purchase cost, adjusted for any subsequent changes, such as for impairment or depreciation. Market value Market value is the price that could be obtained by selling an asset on a competitive, open market. There is nearly always […]
What does Accrual Basis Mean in Accounting
What is Accrual basis of Accounting? Accrual Basis Accounting is an accounting method or its a system whereby revenues are recognized when earned and expenditures are recognized in the period incurred, without regard to the time of receipt or payment of cash. This method of accounting allows a more accurate evaluation of operations during a given […]