SSC

Introduction to the Single-entry system of bookkeeping Under the Single Entry system, a business transaction affects only one account where the account’s value either increases or decreases depending upon certain event transactions. This system uses only personal accounts of debtors and creditors and only a cash book that records the receipts and payments of the […]

A balance sheet is a financial statement. It summarises the financial position of a company or a person undertaking some business as defined under the Income Tax Act 1961. The Balance sheet reports the assets and liabilities of the company at a specific period. The period can be different for different entities, but generally, it

Specific organizations are established to provide services to their members and the community. Clubs, charitable institutions, schools, religious organizations, trade unions, welfare societies, and societies to promote art and culture are examples of such organizations. Service, rather than profit, is the primary goal of these organizations, as opposed to profit in the case of businesses.

The Income and Expenditure Account is a summary of all income and expense items for the current fiscal year. It is created to determine the surplus or deficit resulting from current incomes over current expenses. It is created in the same manner as the Trading and Profit and Loss Account of a trading company. A

Rectification of errors can be described as the procedure of revising mistakes made while recording the transactions. While recording a transaction, there are times when there are errors made by the bookkeeper due to common human negligence. These errors result in disruption in tally and unbalance of the final account. Therefore, the rectification of errors

According to the Negotiable Instrument Act of 1881, a “negotiable instrument” means a promissory note, bill of exchange or cheque payable to the bearer. In other words, a bill of exchange is of the negotiable instrument; the amount mentioned on it must be paid to the bearer of the instrument or the order of the

According to the American Accounting Association, accounting is the procedure of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users for information. It is a process that begins with the identification of transactions and ends with the preparation of financial statements.  Manufacturing is the planning and processing of raw material