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 lot at least of a pecuniary character and commentary the results there of. 02.Book Keeping: It is mainly concerned with recording of financial data relating to the business operations in a portentous and orderly manner. 03. Concepts of be: Separate entity innovation tone endpoint concern concept Money measurement concept come in concept Dual aspect concept Accounting effect concept Periodic matching of costs and revenue concept credit concept. 04.Conventions Of Accounting Conservatism Full disclosure dead body materiality. 05. Systems of bookkeeping Single main course system restate entry system 06. Systems of accounting Cash system accounting Mercantile system o f accounting. 07.

Principles of accounting Personal a/c: calculate the receiver doctrine the giver Real a/c: Debit what comes in conviction what goes out titular 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 real, nomi nal, personal. 10. circular: It means tran! sferring the debit and credit items from the journal to their single accounts in the ledger. 11. Trial balance: Trial balance is a contention 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 impute with the value of the goods returned. 13. Debit...If you want to get a full corn liquor essay, order it on our website: OrderCustomPaper.com

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