——– is the main or principal book of account where accounts are maintained for income, assets and expenses. Subsidiary books The ledger The journal The cashbook JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL ALSO AVAILABLE
——- concept suggests that the business is separate from the owner The Entity The Accrual The Dual The Ownership JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL ALSO AVAILABLE
—— concept accommodates all revenues and expenses to be received or charged in a given accounting period irrespective of what is actually received or paid. Accrual Conservatism Prudence Dual JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE …
——- is when profit is understated while all anticipated losses are recognized and taken into the books. Accrual Objectivity Prudence Dual JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL ALSO AVAILABLE
——– is when all possible future profits are ignored. Accrual Conservatism Realisation Dual JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL ALSO AVAILABLE
———– are books into which transactions are recorded on a daily basis from the source documents and from which postings are made periodically. Subsidiary books The ledger The journal The cashbook JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE …
Errors which arise when a transaction is completely missing from the books are called ——– Error of Omission Errors of Original entry Error of Commission Errors of Principle JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL …
——- entry is when the two entries for a transaction appear on both sides of the cash book. columnar double contra cashbook JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL ALSO AVAILABLE
—— are rebates granted to a debtor for making cash payments within a shorter time period than the normal credit period. Cash discounts Credit discounts Debtors discounts Time discounts JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE …
An error which occurs where a wrong account in the same ledger is debited or credited is called Error of Omission Errors of Original entry Error of Commission Errors of Principle JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE …
Errors which occur when an equal debit/credit figure recorded in the books is different from the actual amount in the source document are called Error of Omission Errors of Original entry Error of Commission Errors of Principle JOIN OUR NOUN …
——- occurs where there is an entry in the wrong class of account. Error of Omission Errors of Original entry Error of Commission Errors of Principle JOIN OUR NOUN TELEGRAM GROUP HERE FOR MORE – ONLINE TUTORIAL ALSO AVAILABLE
