Finance Terms

Definition Of Accounting: the art of transcription, classifying and summarizing in a evidentiary manner and in terms of money, transactions and events which are, in constituent at least of a pecuniary character and reading the results there of. 02.Book Keeping: It is mainly concerned with recording of financial data relating to the business operations in a pregnant and orderly manner. 03. Concepts of be: Separate entity innovation tone shutdown concern concept Money measurement concept come up concept Dual aspect concept Accounting point in time concept Periodic matching of costs and revenue concept credit concept. 04.Conventions Of Accounting Conservatism Full disclosure unison materiality. 05. Systems of bookkeeping Single main course system copy entry system 06. Systems of accounting Cash system accounting Mercantile sys tem of accounting. 07.

Principles of accounting Personal a/c: calculate the receiver impute the giver Real a/c: Debit what comes in assurance what goes out nominal phrase 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 r eal, nominal, personal. 10. lineup: It mea! ns transferring the debit and credit items from the journal to their single accounts in the ledger. 11. Trial balance: Trial balance is a line of reasoning 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 note is sent to him intimating that his a/c has been ascribe with the value of the goods returned. 13. Debit...If you want to get a full moonshine essay, order it on our website: OrderCustomPaper.com

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