Double Entry System of Book-keeping.  Double Entry System of Book-keeping refers to a system of accounting under which both the aspects of every ...

Contra Entry:  The term ‘Contra’ refers to the opposite side. When both aspects (Debit and Credit) of a transaction are recorded in the same account but in ...

Grouping and Marshalling or Arrangement of Assets and Liabilities.  The assets and liabilities should be shown in a certain order in the Balance ...

The Institute of Chartered Accountants of India (ICAI) recognized the need to harmonize the diverse accounting policies and practices at present in use in ...

Cash Book is both a Journal and a ledger: Cash Book plays dual role.as a boor of original entry (or primary entry) as well as a ledger. It is a subsidiary ...

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 ...

Accounting is both a science and an Art:  Science may be defined as a systematic body of knowledge based on certain principles which have universal ...