Free notes, textbooks, and exam-focused resources designed for Indian banking professionals.
A Bank Pass Book refers to a Savings account Pass Book. It is issued by banks for a running or operating bank account. But practically, Pass Book is used to…
As the name says, cash transactions related to cash received or payments made by an organization are only recorded in a Cash Book. This could include money that is received,…
A business transaction is first recorded in a journal, also called a Book of Original Entry. Journalising is the process of recording a business’s financial transactions in a journal. The…
Debits and credits are accounting terms that represent the two sides of a financial transaction. Debit is notated “DR” and credit is notated “CR”. The word debit comes from the…
There are three different types of accounts in accounting. They are Real, Personal, and Nominal Account. Real Account: A real account, or permanent account, is a general ledger account that…
Recording in accounting refers to keeping a record of monetary business transactions, reflecting the correct picture of assets-liabilities, profits, loss, etc. Recordkeeping helps companies track each business transaction, including new…
Revenue Recognition and Realisation in accounting represent the profits companies and individuals make from selling assets. However, there are certain difference between Revenue Recognition and Realisation. Revenue recognition is an…
Fair value accounting is the measurement of assets and liabilities of a business based on the estimation of current market values. It means the assets can be sold or a…
Conservatism Principle also known as the “Prudence Concept” states gains should be recorded if their occurrence is certain but losses with a remote chance are recognized. The conservatism principle in…
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