The document provides information on accounting concepts and financial statements:
1. It outlines the golden rules of accounting - for personal accounts debit is receiver and credit is giver, for real accounts debit is what comes in and credit is what goes out, and for nominal accounts debit is expenses and losses and credit is incomes and profits.
2. It defines a bank reconciliation as matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
3. It states that a balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
The document provides information on accounting concepts and financial statements:
1. It outlines the golden rules of accounting - for personal accounts debit is receiver and credit is giver, for real accounts debit is what comes in and credit is what goes out, and for nominal accounts debit is expenses and losses and credit is incomes and profits.
2. It defines a bank reconciliation as matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
3. It states that a balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
The document provides information on accounting concepts and financial statements:
1. It outlines the golden rules of accounting - for personal accounts debit is receiver and credit is giver, for real accounts debit is what comes in and credit is what goes out, and for nominal accounts debit is expenses and losses and credit is incomes and profits.
2. It defines a bank reconciliation as matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
3. It states that a balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
The document provides information on accounting concepts and financial statements:
1. It outlines the golden rules of accounting - for personal accounts debit is receiver and credit is giver, for real accounts debit is what comes in and credit is what goes out, and for nominal accounts debit is expenses and losses and credit is incomes and profits.
2. It defines a bank reconciliation as matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.
3. It states that a balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
Personal a/c- debit is the receiver and credit is the giver Real a/c- debit what comes in and credit what goes out Nominal A/c- Debit all expenses and losses and credit all incomes and profits 4- A bank reconciliation is the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. 5- balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. A. 1.c, 2-a, 3-d,4- c, 5-a, 6-c,7-b, 8-b, 9- d B. D C. a. ledger: a book containing accounts to which debits and credits are posted from books of original entry. b. The Value Added Tax (VAT) and Sales Tax both are consumer tax, which means that both have to be paid after purchase of a product. VAT is an indirect tax while sales tax is a direct tax. c. Tally Payroll is integrated with Accounting to give the user the benefits of simplifiedPayroll processing and accounting. Tally Payroll enables users to set up and implement salary structures, ranging from simple to complex, as per the organization's requirements. d. The Debit Note provides details of the amount of money debited from the sellers' account and also states the reason for the same. the credit note issued at the sales return by the seller to the buyer this is generally issued on credit sales. e.- A budget is a plan prepared for the flow of funds in an organisation. It contains financial guidelines for the future plan of action for a selected period of time. A budget helps to refine goals and use funds efficiently. f. The cost centre in Tally. EPR 9 refers to an organizational unit to which costs or expenses can be allocated during transactions while the costcategory is used to accumulate costs or profit for parallel sets of cost centres.
