Doublе Column Cash Book | Accounting | NTA UGC NET Paper 2
Doublе Column Cash Book Doublе column cash book which is also known as thе two column cash book consists of two sеparatе columns on thе dеbit sidе and crеdit sidе for rеcording cash and discount. In many organisation tradеr allow or to rеcеivе small allowancе off or against thе duеs. Thеsе allowancеs arе providеd for […]
SUBSIDIARY BOOKS | Accounting All notes NTA UGC NET Paper 2
SUBSIDIARY BOOKS Cash book Cash book is a book of original еntry. It rеcords transactions involving rеcеipts or paymеnt of cash. Sincе thе numbеr of cash transactions is usually largе, it is a difficult task to classify and post thеm to thеir rеspеctivе lеdgеr accounts. Though cashbook is a book of primary еntry yеt it […]
Difference between Journal and Ledger | NTA UGC NET Paper 2
Difference between Journal and Ledger click here to download pdf For Next Lesson Click here
Sub-Division of Ledger, Ledger Format, Ledger Posting & Balancing Ledger Accounts
Sub-Division of Ledger When the size of organisation is very large and number of accounts is abundant, it is necessary to maintain a separate ledger for different accounts. Generally, the following three kinds of ledger are maintained by organisations: Debtors Ledger Creditors Ledger General Ledger Debtor’s Ledger: Debtors are the clients of the business to […]
Types of Entries | Ruling of a Journal | NTA UGC NET paper 2
Types of Entries There are two types of entries, which are recorded in the journal: simple entry and compound entry. A simple entry involves two accounts only, one affecting the debit side and other affecting the credit side with an equal amount. Sometimes a journal entry may have more than one debit or more than […]
JOURNAL AND LEDGER | NTA UGC NET Paper 2
JOURNAL AND LEDGER | NTA UGC NET Paper 2 The total sequence of accounting procedures, which are required to be followed in same order during each accounting period, is known as accounting cycle. It includes: Recording: In the first step, all the transactions should be recorded in the journal or books of original entry known […]
Bookkeeping and Accounting Process
The Bookkeeping and Accounting ProcessThe bookkeeping process refers primarily to recording the financial effects of financial transactions only into accounts. The difference between manual and any electronic accounting system is the time delay between the recording of the financial transaction and posting it in the concerned account. This delay is absent in electronic accounting systems […]
” Accounting All notes NTA UGC NET Paper 2″
Accounting All notes NTA UGC NET Paper 2 Accounting is a prerequisite of finance. Finance is a vast subject of study and knowledge of accounting serves as a ground for it. Knowledge and use of accounting information is key factor in any business undertaking. Just as there are various terminologies in medicine, which one has […]
Functions & Users of Accounting Information
https://www.youtube.com/watch?v=ZOB6ut6Y-_Y Functions of Accounting Maintaining systematic records: The basic function of accounting is to maintain proper records of transactions that take place in chronological order. These records provide a base analysis and decision-making. It consists of recording in the original/subsidiary books of entry, posting to ledger, preparation of trial balance and final accounts. Meeting legal […]
Terminology of Financial Accounting, Documents, Responsibility, Conventions
https://www.youtube.com/watch?v=Y_Gyfdofr24&list=PLuEkoncK3CJer3-gZFw8G1iU4Bx1xpIaz Terminology of Financial Accounting Event: It a process or part of process that occurs at a particular moment and has a definite place of occurrence. Events are the cause of external transactions. Transaction: It refers to any act of the business that changes the financial position of the business unit. Debit: It is the […]
