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☆ Inactive and Dormant accounts Inactive accounts means that accounts have been closed and will not be used in future as well. Dormant accounts are those that are not functional today but may be used in future. |
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☆ Tally accounting It is the software used for accounting in small business and shops for managing routine accounting transactions. |
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☆ Departmental accounting Which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet. |
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☆ Basic Accounting Equation Assets = Liabilities + Owners Equity |
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☆ Bank Reconciliation Statement A reconciliation statement is prepared when the passbook balance differs from the cashbook balance. |
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☆ Project Implementation • Identify Need • Generate and Screen Ideas • Conduct Feasible Study • Develop the Project • Implement the Project • Control the Project |
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☆ Purchase Return Good returned back to its supplier |
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☆ Consignor and Consignee Consigner is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods. |
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☆ Marginal Cost Produce an additional unit of output. The estimated cost of additional inputs to produce that output is actually the marginal cost. |
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☆ Provision and Reserve Provisions are the liabilities or the anticipated items such as depreciation,Provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company |
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☆ Cost Accountant A cost account is a financial specialist who determines the actual costs associated with providing a service or manufacturing a product. They accomplish this by scrutinizing all of the associated expenses within the supply chain. |
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☆ General ledger account The General ledger account is an account where the company records all the information for its various expenses and income types into separate accounts. Such that all the debits and credits pertaining to that particular type of transaction can be entered in one place and kept balanced. |
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☆Accumulated Depreciation It is the total amount of depreciation that has been taken on a company's assets up to the date of the balance sheet. ☆Depreciation expense It is the amount of depreciation that is reported on the income statement.It is the amount that corresponds only to the period of time indicated in the heading of the income statement. |
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☆ Account Receivable Purchased goods or services from the seller on credit is referred as account receivable. |