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LEDGER: The book in which transactions are recorded in classified permanent form is called the Ledger. Ledger is the permanent storehouse of all the financial transactions. A ledger, also known as the second book of entry, is a record-keeping system that records all of a company’s classified financial data. Transactions are recorded in the ledger in […]
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A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud. Bank
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Depreciation is the process of deducting the total cost of something expensive you bought for your business. But instead of doing it all in one tax year, you write off parts of it over time. When you depreciate assets, you can plan how much money is written off each year, giving you more control over
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Bookkeeping is a process of recording and organizing all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business. Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily
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Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash.
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The Double entry system of bookkeeping is undoubtedly the fundamental and most prevalent bookkeeping system in the accounting world. The Double-entry system is a system of bookkeeping where every financial transaction is recorded in at least 2 different accounts, with equal and opposite effects on the respective accounts. In a double-entry system, the entries are made in the system to
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Journal is a book of original entry in which all business transactions are recorded systematically. Journal means a book which records all monetary transactions on daily basis. A journal is defined as the book of original entry while the definition is more appropriate when the transactions were written in a journal before manually posting them
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Traditional Approach: Traditional approach to financial statement analysis includes the Profit and Loss Account (i.e. Income Statement) and the Balance Sheet. Rules apply for Debit and Credit in the Traditional approach, such as Debit is what comes in whereas credit is what goes out. Debit refers to the expenses and the losses, and Credit refers
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Rate analysis for cement mortar requires estimation of materials for cement mortar, i.e. quantity of cement and sand required for 1m3 for various proportions, i.e., CM 1:2, 1:4, 1:6, 1:8 etc. So, let us first calculate quantity of cement and sand required for 1m3 of cement mortar. For 1m3 of wet cement mortar, 1.3m3 of
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The basic things you should know to calculate the volume of 1 bag of cement are: Density of cement = 1440 kg/ m³ 1 bag = 50 kg of cement 1 m³ = 35.3147 cubic feet 1 m³ = 10³ liters Let’s see how can we calculate the volume of 1 cement bag by using all
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The sinking fund can be defined as the fund which is kept in a separate account to be used for major expanses. In general parlance, a Sinking Fund is money set aside in a separate account to pay off a debt, a way to generate funds for a depreciating asset, to pay off a future
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Value is nothing but the worth or utility of certain building, property, machinery, equipment, etc. Value always changes from time to time and always depend upon supply and demand. The value of the property within short time may be more than its existing worth or price. There are many types of values which are used
MEANING OF SCRAP AND SALVAGE VALUE Read More »