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Accounting

Objectives of preparing Trial Balance

1. To ascertain the arithmetical accuracy of the ledger accountsIt provides useful check up of ledger posting. If trial balance...

• BY Team Educate
• October 18, 2024
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Accounting

Bank Reconciliation Statement

This statement indicates the differences between the passbook and cash book of the entity. By reconciling the differences that exist...

• BY Team Educate
• October 18, 2024
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Accounting

Book Keeping

Bookkeeping is the process of systematically recording, organizing, and managing all financial transactions of a business or individual. It serves...

• BY Team Educate
• October 18, 2024
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Accounting

Objectives of Accounting

Objectives of Accounting 1. To provide information about the business activities to the owners, stakeholders or investors and creditors facilitating...

• BY Team Educate
• October 18, 2024
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Accounting

Accounting Concepts

1. Business entity conceptThe transactions of a business are to be kept separate from those of its owners. By doing...

• BY Team Educate
• October 18, 2024
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Accounting

Accounting Conventions

1. Convention of DisclosureThis convention requires that accounting statements should be honestly prepared and all significant information should be disclosed...

• BY Team Educate
• October 18, 2024
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Accounting

Branches of Accounting

Accountants tend to specialize in various types of accounting work and this has resulted in the development of different branches...

• BY Team Educate
• October 18, 2024
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Accounting

Advantages of Accounting

(i) Assistance to management: The accounting information helps the management to plan its future activities by preparing budgets in respect of...

• BY Team Educate
• October 17, 2024
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Accounting

Functions of Accounting

(i) Maintaining systematic records: Business transactions are properly recorded, classified under appropriate accounts and summarized into financial statements– income statement and...

• BY Team Educate
• October 17, 2024
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Accounting

Limitations of Accounting

(i) Accounting information is expressed in terms of money. Non-monetary events or transactions, however important they may be, are completely...

• BY Team Educate
• October 17, 2024
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