The process of reconciliation ensures the accuracy and validity of financial information. Also, a proper reconciliation process ensures that unauthorized…
Reconciliation is the process of comparing transactions that have been recorded internally against monthly statements from external sources like banks…
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…