Accounting Principles
Accounting principles are the set of laws and course of
action that companies must pursue when reporting economic data. The general set
of bookkeeping principles is the usually established accounting principles.
Assets
Any item of financial worth own by a person or business, particularly
that which could be transformed to money. Examples are cash, securities, stock,
office tools, real estate, a car, accounts receivable and other property.
Bank Reconcilition
The method of adjusting an account equilibrium suggested by
a bank to reveal dealings that have taken place since the reporting time. Example:
Each month Sabu is in charge to review the bank settlement(reconcilition). He
has to ensure each and every one of the admissions are in there and checked.
BookKeeping
Bookkeeping is the documentation of fiscal dealings, and is element
of the procedure of secretarial in commerce. Dealings comprise procure, transaction,
revenue, and expenditure by a person or an association/company. There are more
than a few average ways of bookkeeping, for example the one-entry bookkeeping structure
and the multi-entry bookkeeping structure, but, at the same time as they may be
considered of as "real" bookkeeping, every procedure that engages the
documentation of monetary dealings is a bookkeeping method.
Chart of Accounts
A catalog of the entire account names and numbers worn in a business’s
universal ledger. Example: Our chart of accounts told us all the names of the
people in our company's ledger and we were glad to have that information.
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