External recruitment is a crucial process for organizations to hire skilled professionals for their vacant positions. It involves sourcing and attracting candidates who are not already employed by the company. External recruitment is essential for the growth and success of any organization. In this blog post, we will explore the definition, types, and process of … Read more
Learn about fund flow statements, their definition, importance, and format, and how they differ from cash flow statements. Discover the significance of fund flow statements for investors and businesses.
When it comes to financial management, choosing the right accounting software is crucial for the success of any business. While cloud-based accounting software offers a number of benefits, such as accessibility from anywhere and automatic updates, it also has its fair share of disadvantages. From limited control over security and data privacy to dependence on … Read more
In 2023 almost all businesses are shifting to the cloud because of its amazing features. If you’re a small business owner or freelancer, you know how important it is to keep your finances in order. However, managing your finances and bookkeeping can be a time-consuming and complicated task. That’s where cloud-based accounting software comes in. … Read more
Revenue is the total repeats of the firm by selling output. It is the amount of money, which the firm receives by the sale of its output in the market, the receipts obtained are the revenue of the firm. Types of revenue There are three core concepts of revenues in economics. They are: a. Total revenue … Read more
The income and expenditure account is prepared by a nontrading concern to reveal the surplus or deficit arising out of the operating activities during the accounting period. It is one of the final accounts of nontrading concern like the profit and loss account of trading concern. All the revenue incomes during the accounting period are … Read more
The bank should pay the amount mentioned on the cheque as soon as it is presented. If the amount of a cheque is paid by the bank to the payee, the check is said to be honored. If the bank refuses to pay the amount of the cheque, then the cheque is said to be dishonored. Thus, the dishonor of … Read more
Receipts and payment account are a summary of cash receipts and payments received during the accounting period. It records all cash receipts and payments including capital receipts and revenue receipts respective of the accounting period. All cash (cash and bank) receipts are recorded on the debit (receipts) side and all cash (cash and bank ) payments are recorded on the … Read more
A provision is the sum of amount set aside by charging against the profit ans loss account. It is created for meeting a known loss or liability. It is maintained for meeting an anticipated loss or liability of uncertain amount. Meaning of Provision Search amount of anticipated loss liability can only be estimated. If the present … Read more
Definition of Secret Reserve A secret reserve refers to a reserve created by a company by understating its assets or overstating its liabilities in its financial statements. This reserve is not disclosed in the financial statements but is kept secret from external parties such as shareholders, creditors, and tax authorities. The purpose of creating a … Read more