Written on Nov, 12, 2011 by in | Leave a comment

No one may be the perfect in the world. The same formula applies in accounting also. When there are lot of transactions in a business firm and different accountants are handling the accounting responsibilities, there may be the possibility of errors in recording the transactions. The errors in accounting may be classified as under:- Errors of Principles:- When the principles …

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Brief Description:- No one knows what will happen in next moment? It is not a philosophy but very true. In general life, we make the estimate for all the genuine expenditure to be done. But we make a provision for certain wanted or unwanted expenditures also. For example we keep the reserves for medicines, social obligations and some other legal …

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Brief Description:- As we know that a business firm need proper funds to run its business smoothly. Mainly, the money is being invested by the owners of the firm or shareholders of the company. If the company needs more funds then it takes loans from outsiders. Some time what happens is that the company is new in the market and …

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Brief Description:- As we know that the basic purpose of preparing the trial balance is to see the arithmetical errors in the accounts because in accounts,  maximum work relates to figure work. Though there are some other errors which occur while preparing the accounts and do not relate to arithmetical errors but these errors can be traced out with proper …

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Brief Description:- When a business firm takes loan without any security against the loan that is called unsecured loan. The loans can be given by the person who is connected to the business firm directly or indirectly but outsiders also can give the loan to the business firms. The risk in unsecured loan is that in case of default of …

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After the posting of the entries is done into ledger, the total and balancing of individual accounts are done on a particular date. Every account  shows the debit balance or credit balance or nil balance. These balances of accounts are put on a list and that list is called as trial balance. It means all the closing balance of all …

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Brief description:- Trial balance is periodical statement which is made on a particular date with the help of the ledger and cash books to check the arithmetical errors in the accounts. The closing balance of the accounts are shown in trial balance on a particular date. The final accounts are prepared with the help of the trial balance. The Uses …

Written on Nov, 02, 2011 by in | Leave a comment

Brief Description:- As a layman, the net profitability of a firm can be measured by comparing the investment in business at the time of commencement of business and at the realization at the time of  liquidation of a firm. But it will be a very very  long period. On the contrary of it, a businessman would like to know the …


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