Book-keeping is the art of recording the transactions on the books of original entry and the ledgers. This work is usually performed by junior clerks who are sometimes called book-keepers of accounts clerks. This work is more or less of mechanical nature and does not require any specialized knowledge of the principles of accountancy. The work of such clerks is supervised by a man who is called an Accountant.
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Deferrals are either prepaid expenses or unearned revenues. Companies make adjustments for deferrals to record the portion of the deferral that represents the expense...
- Compensating error
A compensating error is one which counter-balanced by any other error or errors, e.g., if A’s account was to be debited for Rs. 10
- Direct material quantity standard
The direct material quantity standard is the quantity of direct materials that should be used per unit of finished goods. This standard is expressed as a physical measure...
- Retained earnings statement
The retained earnings statement is a financial statement that shows the changes in retained earnings during the year.
Accountability refers to the obligation imposed by law or lawful order or regulation on an officer or other person for keeping accurate record of property, documents, or funds.
Units-of-activity is a depreciation method in which useful life is expressed in terms of the total units of production or use expected from an asset, rather than as a time period.
- Consigned goods
Consigned goods referred as goods that held for sale by one party (the consignee) although ownership of the goods is retained by another party (the consignor).