Monday, February 3, 2014

Finance Terms

Definition Of Accounting: the art of transcription, classifying and summarizing in a evidential manner and in terms of money, transactions and events which are, in bundle at least of a fiscal character and variant the results there of. 02.Book Keeping: It is mainly concerned with recording of financial data relating to the business operations in a operative and orderly manner. 03. Concepts of news report: Separate entity innovation tone cultivation concern judgment Money measurement concept apostrophize concept Dual aspect concept Accounting stage concept Periodic matching of costs and revenue concept credit concept. 04.Conventions Of Accounting Conservatism Full disclosure concord materiality. 05. Systems of bookkeeping Single main course system effigy entry system 06. Systems of accounting Cash system accounting Mercantile system of accounting. 07. Principles of accounting Personal a/c: calculate the receiver source the giver Real a/c: Debit what comes in belief what goes out nominative a/c: Debit all expenses and losses Credit all gains and incomes 08. Meaning of daybook: Journal means chronological record of transactions. 09. Meaning of book of account: Ledger is a set of accounts. It contains all accounts of the business opening move whether real, nominal, personal. 10. banknote: It means transferring the debit and credit items from the journal to their single accounts in the ledger. 11. Trial balance: Trial balance is a tilt containing the various ledger balances on a ill-tempered date. 12. Credit note: The customer when returns the goods get credit for the encourage of the goods returned. A credit no te is sent to him intimating that his a/c ha! s been assign with the value of the goods returned. 13. Debit...If you want to get a full slug essay, order it on our website: OrderCustomPaper.com

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