Accounting Basics

Purchases Book (also known as Invoice Journal/Bought Journal/Purchases Journal) is used for recording only the…

In every business organisation, there are a number of payments which involve small amounts e.g.…

This Cash Book has two amount columns one for cash and another for discount on…

Introduction All business transactions, at the first stage, are recorded in the book of original…

In case, the various debit balances and the credit balances of the different accounts are…

Introduction It has already been discussed in earlier lesson that accounting involves recording, classifying and…

1. Convention of Materiality Materiality concept states that items of small significance need not be…

The more important accounting concepts are briefly described as follows: 1. Separate Business Entity Concept…

Introduction Accounting is often called the language of business because the purpose of accounting is…

The history of accounting can be traced back to ancient times. According to some beliefs,…