Rectification of Errors The rectification of errors generally refers to the process of identifying, correcting, and preventing mistakes, discrepancies, or inaccuracies in various contexts, such as in documentation, processes, systems,
Non -Trading Organisation A non-trading organization refers to an entity that does not engage in the buying and selling of goods or services as a primary activity for generating profit.
Journal, Ledger and Trial Balance In accounting, Journal, Ledger, and Trial Balance are key components of the double-entry bookkeeping system. Here’s an explanation of each: 1. Journal: The journal is
Introduction to Accounting Introduction to Accounting Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions to provide useful information for decision-making. It is often referred to as
The final accounts of a business are prepared at the end of an accounting period to determine the financial position of the business. These accounts include: 1. Trading Account The
Depreciation Depreciation refers to the process of allocating the cost of a tangible asset over its useful life. It is a way for businesses to account for the gradual loss
Bill of Exchange A Bill of Exchange is a financial instrument and a legally binding document used primarily in trade and finance to facilitate payments. It is essentially a written
Accounting Concepts Accounting concepts are fundamental principles that serve as the foundation for preparing and presenting financial statements. These concepts help ensure consistency, transparency, and reliability in financial reporting. Below
