What is meant by Imprest? The Imprest system is an accounting system that’s used to track how your business is spending cash. In most cases, Imprest systems are used to account for petty cash (a small amount of money used for expenditure on smaller items, i.e. office supplies, catered lunch, cards for customers, etc.). The…
Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account. This lesson will cover how to create journal entries from business transactions. Journal entries are the way we capture the activity of our business. When a business transaction…
Business organization do lot of transactions on daily basis, both cash basis and non cash basis. It is very important to record all cash and cash related transactions are accounted for, so that the stakeholders will be able to understand, where the company is heading to. The first place where the transactions are recorded is…
One of the important aspect of writing and presenting the financial statements is that it should follow basic accounting principles. Different stakeholders of the company expect full and clear disclosure of information, so that they can take right decisions. There are 5 basic principles which are key principles in writing and presenting the financial statements.…
Accounts Payable Accounts payable refers to the money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit. A short-term debt that must be paid back quickly to avoid default, accounts payable shows up as a liability on an organization’s balance sheet. An example of accounts payable includes when…
Important Features of Indian Constitution Every written constitution in the world has its own unique characteristics, and no exception is the Indian Constitution. But the Indian Constitution has many prominent features that distinguish it from the other Constitutions. This article clearly explains the Indian Constitution’s 8 key features. 1. World’s Longest Constitution The Indian Constitution…
Important Features of Indian Constitution Every written constitution in the world has its own unique characteristics, and no exception is the Indian Constitution. But the Indian Constitution has many prominent features that distinguish it from the other Constitutions. This article clearly explains the Indian Constitution’s 8 key features. 1. World’s Longest Constitution The Indian Constitution…
To account your business books, you need to follow the principle as defined by the accounting methods. There are two primary accounting methods – Cash accounting and Accrual accounting that a business a choose and apply. Each method has its own way of accounting and impacts differently on how the business financials are measured. A…
Learn Debit and Credit some times we got puzzled about understanding debit and credit, but to be true, it is comparatively easy. For a better understanding you can use the following logic…. Got stuck in figuring what to Debit and Credit? Yes, like some of you, even I used to get puzzled as well in…
The double entry system of bookkeeping in practice even before the 12th century. The man behind this popular method of booking was the Italian mathematician Luca Pacioli who first published his comprehensive thesis on the principles of Double Entry System in 1494. Since then, the double entry system is widely practised, and it made it…
