Meaning of Incomplete Records (or Single Entry System). Incomplete accounting records are those accounting records which, at present, are not complete ...
Conversion of Receipts and Payment Account into Income and Expenditure Account. When it is desired to convert a receipts and payments account into an ...
A Journal is a book of original record where every transaction is recorded. It is the book in which transactions are recorded first under the double-entry ...
Grouping and Marshalling or Arrangement of Assets and Liabilities. The assets and liabilities should be shown in a certain order in the Balance ...
Meaning of Cash Book. A Cash Book is a special Journal which is used for recording all cash receipts and all cash payments. All cash transactions are ...
Purchases Book: Purchases Book (also known as Invoice Book or Purchases Journal or Purchases Day Book) is one of the ...
Meaning of Ledger: Journal is a memorandum book to record transactions date wise. On a particular date what are total purchases, total sales, ...
Advantages Financial Accounting. Maintenance of business records: All financial transactions are recorded in a systematic manner in the books of ...