Finance Terms

Definition Of Accounting: the art of transcription, classifying and summarizing in a evidential manner and in terms of money, transactions and events which are, in pct at least of a monetary character and rendition the results there of. 02.Book Keeping: It is mainly concerned with recording of financial data relating to the business operations in a world-shaking and orderly manner. 03. Concepts of accounting: Separate entity innovation tone windup concern opinion Money measurement concept acclaim concept Dual aspect concept Accounting closure concept Periodic matching of costs and revenue concept credit concept. 04.Conventions Of Accounting Conservatism Full disclosure concurrence materiality. 05. Systems of bookkeeping Single main course system soprano entry system 06. Systems of accounting Cash system accounting Mercantile system of accounting. 07.

Principles of accounting Personal a/c: calculate the receiver source the giver Real a/c: Debit what comes in credit entry what goes out tokenish a/c: Debit all expenses and losses Credit all gains and incomes 08. Meaning of daybook: Journal means chronological record of transactions. 09. Meaning of book of account: Ledger is a set of accounts. It contains all accounts of the business opening move whether r eal, nominal, personal. 10. identity card:! It means transferring the debit and credit items from the journal to their single accounts in the ledger. 11. Trial balance: Trial balance is a financial statement containing the various ledger balances on a ill-tempered date. 12. Credit note: The customer when returns the goods get credit for the encourage of the goods returned. A credit note is sent to him intimating that his a/c has been attribute with the value of the goods returned. 13. Debit...If you want to get a full mope essay, order it on our website: OrderCustomPaper.com

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