After covering the Basics of Accounts, we now move on to some more important concepts of Accounts.
The final effect of every business transaction goes to the two components - (1) Capital and Liability, (2) Asset.
Bank reconciliation statement is a statement prepared to explain the reasons of difference between balance as per cashbook and passbook.
Small traders do not maintain complete accounts as in double entry system. Instead they keep accounts or books with incomplete records.
The errors affecting trial balance must be detected and rectified in order to reveal a true picture of business.
Accounting is an art of recording, classifying and summarizing transactions and events and interpreting the results thereof.
"Depreciation maybe defined as a measure of the exhaustion of the effective life of an asset, due to any cause, during a given period."
As and when business transactions take place, two effects emerge from them. In this course we study these effects, and more!
In this course we learn the meaning and importance of reserves and provisions, along with other important concepts.
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