Category: Accountancy Class 11

When the purchases are made, it may happen that goods have to be returned to suppliers for various reasons. It is advisable to maintain a

Cash book: It is a book in which ONLY cash transactions of an organization are recorded hence credit-based transactions will not be recorded in cash

Once the source document is received, it should be analyzed, classified and recorded. The recording of journal entries is a first step towards bookkeeping. Format

What is Business Transaction? A business transaction is a transaction with a third party that is recorded in an organization’s accounting system. Such a transaction

Accounting Standards are written statements of uniform accounting rules and guidelines or practices relating to measurement, valuation and disclosure. Accounting standards in India are developed

Basis of Accounting – The basis of accounting refers to the method under which revenues and expenses are recognized in the financial statements of any

Basic Accounting Concepts Accounting is based on some Principles which are based on some assumptions which are called Accounting Concepts. These basic accounting concepts are

Generally Accepted Accounting Principles (GAAP) Theory base of accounting comprises concepts, conventions, principles, rules, standards and guidelines developed, to provide uniformity and consistency to accounting

Reconstitution of a Partnership firm means change in the existing agreement leading to the formation of a new agreement with certain variations. Reconstitution implies rearrangement

All organization which are driven by    profit motive perform  several transactions  of financial nature such as purchasing of goods, selling of goods, incurring expenses