No, a passbook is not a mirror image of a cash book. Though passbooks and cash books provide related financial…
A Bank Pass Book refers to a Savings account Pass Book. It is issued by banks for a running or…
As the name says, cash transactions related to cash received or payments made by an organization are only recorded in…
A business transaction is first recorded in a journal, also called a Book of Original Entry. Journalising is the process…
Debits and credits are accounting terms that represent the two sides of a financial transaction. Debit is notated “DR” and…
There are three different types of accounts in accounting. They are Real, Personal, and Nominal Account. Real Account: A real…
Recording in accounting refers to keeping a record of monetary business transactions, reflecting the correct picture of assets-liabilities, profits, loss,…
Revenue Recognition and Realisation in accounting represent the profits companies and individuals make from selling assets. However, there are certain…
Fair value accounting is the measurement of assets and liabilities of a business based on the estimation of current market…
Conservatism Principle also known as the “Prudence Concept” states gains should be recorded if their occurrence is certain but losses…