What is Off-Balance Sheet Exposure ?
Assets or liabilities not included on a company’s balance sheet are known as off-balance sheet items. Off-balance-sheet items are contingent assets or liabilities such as unused commitments, letters of credit, and derivatives. These items may expose institutions to credit risk, liquidity risk, or counterparty risk, which is not reflected on the sector’s balance sheet. Off-balance-sheet…
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Trial Balance: Classification of Errors, Location of Errors, and Rectification of Errors
The errors in accounting take place due to wrong posting of transactions, wrong totaling or wrong balancing of the accounts, wrong casting of the subsidiary books, or wrong recording of amount in the books of original entry. All such errors in accounting can be classified into the following four categories: The error of commission: An…
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Bank Holidays 2025: Karnataka State
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26 of 1881) read with the Notification of the Government of India, Ministry of Home Affairs No. 20/25/56/Pub-1 dated 8th June 1957, the Government of KARNATAKA pleased to declare that in addition to Sundays, and 2nd and 4th Saturdays expressly defined…
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What are Suspense Account and rectification in Trial Balance?
When the trial balance does not tally due to the one-sided errors in the books, an accountant puts the difference between the debit and credit side of the trial balance on the shorter side as a suspense Account. As and when an error is located it has to be rectified. After rectification, the balance in…
Read article Explained: Reasons for disagreement of a Trial Balance
Errors in Trial Balance are mistakes made during the accounting process that cannot always be detected by the trial balance. A trial balance can disagree due to a number of errors. Here we discuss the possibilities of how a trial balances differences. If there is a non-agreement of trial balance the possible reasons could be…
Bank Holidays 2025: GOA
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26 of 1881) read with the Notification of the Government of India, Ministry of Home Affairs No. 20/25/56/Pub-1 dated 8th June 1957, the Government of Goa in its Notification No.37/3/2024-GAD-III/4247 DATED 22.10.2024 declared bank holidays as provisions under section 25 of…
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