Difference between Accountant and Auditor: Accountant: An accountant is a person who has knowledge of accounting and maintains the books of accounts of a company; he may or may not be a chartered accountant. An accountant is an employee receives salaries for his work. Auditor: Is a person who must be a chartered accountant. […]
Classification of Accounts
Classification of Accounts: The term Account is a record in summarized and classified form of all business transaction that take place between particular person or persons thing or things specified. For example: During a month we purchase goods for six times from usman. In order to know the total amount due to him we must […]
Cash Book -Three column cash book practice
Cash Book -three column cash book practice The following problem will help you to understand that how to maintain record in Three column cash book. The cash book is very widely use in every business, it is important to understand that how it is maintained in business concerns. You may also […]
Basic Principles of Accounting
Basic Principles of Accounting Basic Principles of Accounting and Concepts are a set of broad conventions that have been devised to provide a basic framework for financial reporting. As financial reporting involves significant professional judgments by accountants, these concepts and principles ensure that the users of financial information are not mislead by the adoption of accounting policies and […]
What is CashBook & its format – Three column Cashbook
What is Cashbook: A book in which receipts and payments of money are record,using debit and credit rules. CashBook: In small business where only one person is employed for receipt and payments of cash, only one book is used for recording of cash received and paid this book is called as cash book .Every page […]
