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MEANING AND DEFINITIONS OF ACCOUNTING The meaning of accounting is broader than that of bookkeeping. Accounting includes not only book-keeping but also other activities. In records classifies and summarizes the financial transactions of a business with a view to ascertaining its profit or loss for the period and its financial position at the end of … Read more
MEANING AND DEFINITIONS OF BOOK-KEEPING Book-keeping is the act of keeping written records of the financial transactions of a business. An owner or an accountant cannot keep in memory all the financial transactions that take place in the business for the whole year. Therefore, all such transactions have to be recorded in some books for … Read more
CONCEPT OF CASH TRANSACTIONS All financial transactions are ultimately settled in cash Some transactions are settled Imminently after purchase and sale and the rest are altered lew days In fact. business transactions are settled sooner or later either in cash or through the bank. Usually, sell sums are settled in cash, and Lie mums are … Read more
The new accounting system follows the principle of double-entry. Under a double-entry system, every financial transaction of the government office has a double effect. It means each transaction involves at least two accounts. One aspect of the transition is debited and another aspect is credited. Accounts are debited and credited by the following certain rules. … Read more
One of the important objectives of the new government accounting is to help control the budget and keep expenditures within the budgetary limit. For this purpose, a statement called the budget sheet is prepared. This budget sheet prescribed by the Office of the Auditor’s General, and therefore, it is coded A.G.F No.8. The budget sheet … Read more