Banking & Finance

Letter of credit is also known as documentary credit or bankers commercial credit. It is also considered as ” Letter …

Read moreDocuments of Letter of Credit (LC)

Sales Book Vouching Credit sales are recorded in the Sales Book. The auditor should have more technical and careful while …

Read moreAudit Techniques of Sales Book and Sales Return Book.

What is Discounted Payback Period? Discounted Payback period is the updated version of payback period that consider the time value …

Read moreDiscounted Payback period (DCF): Definition, Calculation Process

Most of the accountants often confuse regarding capital and revenue expenditure, particular who come from non-accounting back ground. When an …

Read moreCapital and Revenue Expenditures: Definition, Examples.

Definition of Ordering Costs Ordering Costs also known as setup costs which is incurred at the time of placing an …

Read moreOrdering Cost : Definition, Items, Examples.

What is Accrued Income? Accrued Income means the income which is earned during the current accounting year and has become …

Read moreAccrued Income: Definition, Accounting Treatment

What is Revenue Recognition? Revenue recognition is the process of recording revenue of the business concern. It is recognized in …

Read moreRevenue (Sales) Recognition Process : Definition, Process, Journal Entries

Definition of Opening Entry The Opening Entries is the balance sheet amount which is brought forward at the beginning of …

Read moreOpening Entry : Definition, Journal Entry etc.

What is Accounting Equation? Accounting Equation which is also called as balance sheet equation. This equation is considered as the …

Read moreAccounting Equation : Definition, Formula, Example etc.

Perhaps you meet with accountants regularly or very occasionally when you needed a financial report, solving your tax issues. You …

Read moreBest Selling Basic Accounting Book: Accounting Made Simple