What is Financial Statements? A financial statement is an organised collection of data prepared in accordance with logical and consistent accounting procedures. Its function is to convey an understanding of…
What is Rectification of Errors? The process of correcting the errors committed and to set the accounting records right is called rectification of errors. So accounting errors are the errors…
What is Financial Accounting? Financial accounting is the process of summarising financial data, which is taken from an organisation's accounting records and publishing it in the form of annual or…
Meaning of Cost C I M A Terminology defines cost as resources sacrificed or forgone to achieve a specific objective. Cost is generally measured in monetary terms. Cost is the…
Hire Purchase A hire purchase agreement is one under which the buyer takes delivery of goods, promising to pay the price in certain number of instalments and until full payment…
Bills of exchange Indian Negotiable Instrument Act, 1881 defines Bill of exchange as, “A bill of exchange is an instrument in writing containing an unconditional order, signed by the drawer,…
What is Depreciation Accounting? What is Depreciation Accounting? Depreciation is a measure of wearing out consumption or loss in value of assets that are depreciable due to use, time period…
What is trading account? The main objective of trading Account is to ascertain gross profit or gross loss of a business during an accounting period i.e. usually a year. It…
Capital And Revenue Expenditure Capital expenditure represents an asset or a liability and is reflected in the balance sheet and all revenue expenditures which are incurred to get revenue income…
Financial Management refers to the application of general management principles to the various financial resources which are projected. This encompasses planning, organizing, directing and controlling financial activities.