What is Cash Journal: Cash journal is used for transactions which are petty in nature. (petty cash book). For maintaining petty expenses cash journal transactions are recorded. In cash journal, we need to create business transactions first, like revenue items and expense items based on these transactions we will make postings in cash journal. Method […]
60+ Basic Accounting Terms Dictionary
What are the Basic Accounting Terms and its meaning: Basic Accounting Terms are very important for Accounting’s beginner to understand it. before starts learning to account one must read and learn all the terms to understand accounting well. Basic Accounting terminologies include all those important terms which are frequently used while studying financial accounting. These terms […]
Basic Functions of Accounting
Basic Functions of Accounting: Functions of Accounting involves the creation of financial records of business transactions, flows of finance, the process of creating wealth in an organization, and the financial position of a business at a particular moment in time. The progress & reputation of any business big or […]
Difference between Bookkeeping and Accounting
Difference between Bookkeeping and Accounting Most of the people are confused that bookkeeping and Accounting are the alternative terms. These are related terms but not alternative at all. The “Book” means the “books of Accounts” and “keeping” means maintaining them in proper form and order. Hence the book-keeping is mainly concerned with the recording […]