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Selling the rights to the quantity owing by debtors to a finance company for an agreed amount (which is a lesser amount of than the figure at which they are recorded in the accounting books due to the finance company requires to be paid for giving the service).
A Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of
What is Post closing trial balance This statement would only show permanent accounts with a balance; all temporary accounts must have a zero balance. Credits and Debits must ba
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i
Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.
Q. What do you mean by Not-for-profit organizations? Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and a
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Q. Define the Product costs? Product costs are costs earns in the acquisition or manufacture of goods. Since you will see in the next section included as product costs for purc
Periodic Review
Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener
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