Accounts

1. Introduction Incomplete records refer to a system of accounting where not all transactions are recorded using the double-entry system. This method is often adopted by small businesses due to…

Financial Statements - II 1. Introduction Financial Statements II focuses on the preparation of financial statements for sole proprietors and understanding their importance. This chapter builds upon the concepts covered…

Financial Statements - I 1. Introduction to Financial Statements Definition: Financial Statements are formal records of the financial activities and position of a business, person, or other entity. Purpose of…

Depreciation, Provisions, and Reserves 1. Depreciation Definition: Depreciation is the systematic allocation of the cost of a tangible fixed asset over its useful life. It represents the decrease in the…

Bank Reconciliation Statement 1. Introduction A Bank Reconciliation Statement (BRS) is a document that reconciles the bank balance as per the Cash Book with the balance as per the Bank…

Recording of Transactions – I 1. Introduction to Recording of Transactions Recording of transactions is the fundamental process in accounting where all financial transactions are systematically documented. Ensures accuracy, completeness,…

Introduction to Accounting What is Accounting? The American Institute of Certified Public Accountants(AICPA) defines Accounting as the art of recording, classifying, and summarizing the transactions and events that are in monetary…