Introduction

What is a Petty-Cash Book?
A petty cash book is used for recording and tracking small purchases such as parking meter fees that aren’t suitable for check or credit card payments.

What is a Three Column Cash Book?
A Three Column Cash Book is one in which there are three columns on each side (i.e., debit and credit side). The first column is used for recording cash transactions,

What are Discounts?

What is a Double Column Cash Book?
A Double Column Cash Book typically consists of two separate columns on the debit side as well as credit side for recording cash and discount. In many concerns it is customary f […]

What is a One Column Cash Book?
It is a cash book in which only and only cash transactions are recorded. By single column we mean “one amount column” on each side of the Cash Book. One amount column on the debit […]

What is a Ledger?
The ledger is the final destination of all transaction in the subsidiary books. It is the most important book of account.The ledger can be defined as a book which contains in a classified and […]

How to work Exercises on Sales Day Book and post it the appropriate Ledger Booklets
Already defined in the previous lesson, a Sales Day Book is a book of original entry in which only credit sales of goods are […]

What are Subsidiary Books?
The Subsidiary Books are the books of original or prime entry in which events and transaction are initially recorded before being posted or transferred to the ledgers. The recording of […]

Financial Accounting, SS 1, Week 4
Topic: Source Document and  Subsidiary Books
Content

Meaning of source document
Types of document
Meaning of subsidiary book
Reasons for subsidiary book […]

Meaning of Double Entry
Double entry system of booking is the system of keeping account which takes the advantage of two fold aspect of every transaction,whereby one account that receives is debited and another […]

Financial Accounting, SS 1, Week 2

Topic: Accounting concept and convention

Content

Meaning of Accounting concept
Major Accounting concept and convention

Meaning of Accounting […]

Meaning of book-keeping

What is Acquisition of Business?
Business Acquisition is the process of buying a company to build on strengths or weaknesses of the company making the purchase. It can also be defined as a corporate action in

What are Accounting Errors?
An accounting errors are errors that arise in the process of systematically recording, measuring and communicating information about financial transactions.

Explaining how to Prepare Income and Expenditure Accounts