Inventory and stock valuation might sound like a dry accounting concept, but it’s crucial for businesses to manage their finances effectively. In the various methods available, FIFO (First-In, First-Out), LIFO… [read more]
No, a fixed deposit does not count towards the minimum balance. I do have to appreciate you, if you come to this article searching such a logical question. The minimum… [read more]
The Double Entry Bookkeeping system is scientific, perfect, and a complete method of recording business information in the books of accounts. Generally, in every business transaction, we find two accounts,… [read more]
Bookkeeping is a systematic method of keeping and maintaining a record of day to day business transactions in words and figures in the books of accounts so as to show… [read more]
Are you a business owner? Do you understand accounting? Relax, most business owners aren’t accountants; they rely on skilled professionals to do the numbers for them. However, having a basic… [read more]
Running a small business takes a lot of work. There is no doubt that new methods are key to success. Today there’s the technology that will help you with this.… [read more]
Journal is one of the most important book of account, in which business transactions are recorded systematically. In layman’s term, we can say it is a book of daily records.… [read more]
An account is a list of business transactions falling under the same description for a given period of time. A systematic and summarized record of business transactions with respect to… [read more]
In the accounting field, especially in the finance section, we are taught to create and pass the journal entries in the books of accounts. One must have knowledge of basic… [read more]