Posted infinancial statements
Posted inBasics
Accounting For Depreciation
Introduction The term depreciation refers to the reduction in or loss of quality or value…
Posted inBasics
Valuation Of Inventory For Balance Sheet Purpose
In certain cases, it is not possible for the business to take inventory on the…
Posted inBasics
Methods Of Valuation Of Inventories
The basic methods of valuation of inventories are as follows: (a) Historical cost-based method (b)…
Posted inBasics
Inventory Valuation Methods
Introduction The literary meaning of the word inventory is stock of goods. To the finance…
Posted inBasics
Conversion Method
We have seen under the net worth method in the preceding explanation that the method…
Posted inBasics
Calculation Of Profit Or Loss
In case of a business maintaining accounts according to single entry system, profit (or loss)…
Posted inBasics
Single Entry System
Introduction Single Entry System is an incomplete ‘double entry system’. In case of double entry…
Posted inBasics
Reconciliation Of Bank Accounts
Introduction In modern business world, the major part of the business transactions is settled by…
Posted inBasics
Promissory Note
Negotiable Instrument Act, 1881 defines a Promissory Note as “as instrument in writing (not being…
Posted inBasics
Accounting Of Negotiable Instruments
Introduction Business transactions are either cash transactions or credit transactions. In cash transactions, goods are…