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Accounting and Finance for Bankers

Accounting and Finance for Bankers

Trial Balance in detail

Shivangi Gupta - 0
After all transactions have been posted from the journal to the ledger, a Trial Balance is prepared to check the arithmetical accuracy of the ledger...
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Accounting and Finance for Bankers

Sales Return Book

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Sales return book is also called “return inwards book”. Sometimes, the goods which are sold by a business tend to be defective or of poor quality,...
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Accounting and Finance for Bankers

Profit & Loss Account Components

Shivangi Gupta - 0
WHAT IS A PROFIT/LOSS ACCOUNT ? Income Statement, also known as Profit & Loss Account, is a report of income, expenses and the resulting profit or...
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Accounting and Finance for Bankers

What is Cash Discount ?

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A cash discount also called as early payment discount, is a deduction allowed by some sellers of goods or by some providers of services...
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Accounting and Finance for Bankers

Cash Memo in detail

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Cash Memo is equivalent to Invoice copy and a legal document. When the goods are purchased or sold in cash, in that case the cash...
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Accounting and Finance for Bankers

Subsidiary Books in detail

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The sub-division of the journal into various books for recording transactions of similar nature are called subsidiary books. Every business company records its day to...
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Accounting and Finance for Bankers

What is Balance Sheet Equation ?

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The Balance Sheet equation also known as Accounting equation is the fundamental principle of accounting. It shows what a company owns, what a company...
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Accounting and Finance for Bankers

Journal Entries in detail

Shivangi Gupta - 0
Journal entries are the first step in the accounting cycle and are used to record all business transactions and events in the accounting system.  In this step,...
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Accounting and Finance for Bankers

Contra Entries in detail

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Contra entry refers to transaction which affects both Cash and Bank simultaneously, i.e. where debit and credit are Cash or Bank A/c. The word...
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Accounting and Finance for Bankers

Capital and Revenue Items

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The proper allocation of capital items and revenue items are important for the fundamental principles of correct accounting. The wrong classification of items would...
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Accounting and Finance for Bankers

Inward Carriage vs Outward Carriage

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"Carriage" simply means transport or shipping costs. For example, the cost of transporting goods by ship or by train. WHAT IS CARRIAGE INWARD ? Carriage inwards is an expense...
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Accounting and Finance for Bankers

Accounting Standards in detail

Shivangi Gupta - 0
Accounting standards are rules and guidelines set up by governing bodies, like (FASB) Financial accounting standards board and (IASB) International Accounting Standards Board, to keep accounting practices...
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