For Commerce / BCOM/BBA Students. Lets make this thing clear !
Accounting is the process of recording,classifying, and summarizing finacial transaction of a business
Book Keeping:- It is an art of recording business transaction in a set of books!
Thanks for creating this thread.
Golden rules of accounting. .. ??
#asked me in rrb os1
Define Capital ( easy wala please)
What is contingent liability??
Is it recorded in balance sheet or not??
what is contra entry?
what is Bank Reconciliation Statement?
Why capital is shown under liability side of a balance sheet??
what is merger?
Bank's Balance Sheet.
What is asset nd liability?? I know these are basic nd easy ones..but in interview they do ask just basic terms..
Dfine estoppel....
What is preliminary expenses nd where is it recorded in balance sheet???
Fictitious Assets.
Fictitious assets are not assets at all however they are shown as assets in the financial statements only for the time being. In fact, they are expenses & losses which for some reason couldn't be written off during the accounting period of their incidence.
Fictitious assets are written off against the firm's earnings in more than one accounting period. Basically, they are amortized over a period of time. They are recorded as assets in financial statements only to be written off later.
Examples of Fictitious Assets :
Promotional expenses of a business
Preliminary expenses
Discount allowed on issue of shares
Loss incurred on issue of debentures
Fictitious assets are shown in the balance sheet on the asset side under the head "Miscellaneous Expenditure".
anyone is having basic accounting notes pdf ???
What is Cash Flow Statement??
What is Funds Fow statement? How it is different from cash flow statement?
Bhai log why do want to join banking may kya bol skte hlike we r from the commerce background. So what could be the positive points?