Both Bin Card and Store Ledger are using to control the overall movement of the inventory items. These documents are …

Read moreDifference Between Bin Card and Store Ledger.

What is Minimum Level of Stock? Minimum Level is also known as buffer stock level, safety stock level. When inventory …

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What is Purchase Requisition? Purchase Requisition is one type of “Form” which is used by the user department to request …

Read morePurchase Requisition: Definition, Process & Importance.

What is Purchase Order (PO)? Purchase Order which is commonly known as the “PO” is the document prepared by a …

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What is Perpetual Inventory System? is the system where an entity continuously updates its inventory records to know the inventory …

Read moreDifference between Perpetual Inventory and Periodic Inventory System.

Concept of Deferred Tax This is very common in corporate area that the tax calculation of an accountant differs with …

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General concept of Periodic Inventory System Periodic Inventory system is the system where inventory account is not updated for each …

Read moreWhat is Periodic Inventory System? Accounting Treatment of Periodic Inventory System.

Definition of Perpetual Inventory System Perpetual Inventory System is the system where an entity continuously updates its inventory records to …

Read morePerpetual Inventory System. Advantages and Disadvantages of Perpetual Inventory System.

Cash Basis Accounting In a cash basis accounting the revenue is recognized when cash is received by the accountant and …

Read moreAccrual Basis Accounting Versus Cash Basis Accounting

Definition Bank Reconciliation Statement is the process that shows the difference between the Cash Book Balance and the Bank Statement …

Read moreBank Reconciliation Statement: Definition, Procedures