Cash vs. Accrual Basis of Accounting
Cash Basis of Accounting Cash Basis of Accounting uses receipts and payments…
Current Liabilities
Like current assets, current liabilities are immediate liabilities of the firm that…
Current Assets
Assets that are convertible into cash within the next accounting year are…
Financial Statements
Financial statements are prepared to ascertain the profit or loss of the…
Bank Reconciliation
On a particular date, reconciliation of our bank balance with the balance…
Key Features of Subsidiary Books
There is a difference between a purchase book and a purchase ledger.…
Bills Payable Book
Bills payable issues to the supplier of goods or services for payment,…
Bills Receivables Book
Bills are raised by creditors to debtors. The debtors accept them and…


