Introduction to Book- Keeping and Accountanc
A transaction is concerned with money or money’s worth
Introduction to Book- Keeping and Accountanc
Cash discount does not appear in the books of accounts.
Introduction to Book- Keeping and Accountanc
Solvent person is a person whose assets are more than his liabilities.
Introduction to Book- Keeping and Accountanc
Bank overdraft is an asset of the business.
Introduction to Book- Keeping and Accountanc
The double entry system is based on “Dual Aspect” concept.
Introduction to Book- Keeping and Accountanc
Conservatism means to follow safe side
Introduction to Book- Keeping and Accountanc
Conservatism means to follow safe side.
Introduction to Book- Keeping and Accountanc
Book-keeping and accounting are one and the same thing.
Introduction to Book- Keeping and Accountanc
Allowance is given on catalogue price of goods
Introduction to Book- Keeping and Accountanc
Assets which remain in the business for only for short time and can be converted into cash
very easily.
