Tag: Accounts
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How does a checking account work?
Checking accounts are a fundamental part of life. It is a type of bank account that allows you to deposit money and withdraw it as needed, typically using a check or debit card. These accounts are typically used for everyday expenses, such as paying bills and making purchases. Some checking accounts may also offer additional […]
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Does a fixed deposit counted towards the saving account’s minimum balance?
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 balance requirement is for Saving Accounts (and Current Accounts), it is not waived if you do any other business dealings with the bank. Technically, a […]
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Choosing business tactics for your future that fit your unique business
We live in an ever-changing world where people frequently have new ideas. Presently, corporations aren’t only on the rise, but small business owners are popping up everywhere as well. In addition to corporations and small businesses, there’s also a multitude of online stores and companies. Many individuals who dive in are already experienced, but many […]
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Double-entry bookkeeping system
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, out of which one account is given debit effect and another account is given credit effect. In other words, in this system for every debit, […]
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What is bookkeeping?
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 clearly and correctly the financial position of a business. Thus bookkeeping involves the following actions: To record summarized and systematic financial business transactions in the […]
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![Journal entries in accounting [Basics]](https://www.atulhost.com/wp-content/uploads/2016/11/journal-entries-300x168.jpg)
Journal entries in accounting [Basics]
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. When a businessman completes a business transaction, he records it in the rough or waste book in a short and summarized form. Then this business […]
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Classification of accounts: Personal, real, and nominal
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 person, property, loss, gain, income, expense is known as account. An account is generally prepared for one complete year. The word Account in abbreviation, can […]
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Three golden rules of accounting with examples
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 accounting rules in order to maintain the transactional entries. There are three rules here which are known as the three golden rules of accounting, in […]