by Phillip | Jul 9, 2017 | Accounting
The promissory note is a financial document where an issuer promises to pay a certain amount of money to a payee in written form under specific terms for a fixed period. Most of the industries use it predominantly to receive short-term funds for meeting their...
by Phillip | Jul 9, 2017 | Accounting
The international trade mainly uses the concept of bills of exchange. The person writes an order to his bank to allow the payee to receive a certain sum of money for a given period. Hence, there are three individuals involved in here. One is the drawer, second is the...
by Phillip | Jul 9, 2017 | Accounting
Cash book with discount and bank column is also known as the three column cash book. It is similar to that of the simple and double cash book. At first, there were two columns in the cash book, i.e. the cash column and discount column. It was known as double column...
by Phillip | Jul 9, 2017 | Accounting
It is a known fact that students who wish to establish themselves in the field of commerce and finance oriented jobs; they are needed to bear sound knowledge on the subject matters related to their course and beyond. Another important criterion to be recognized by...
by Phillip | Jul 9, 2017 | Accounting
Commerce students are widely aware of vital terms like assets, liabilities, bookkeeping, budgeting, capital investment, etc. Employers hunt for job seekers who bear a firm foundation on accounting and marketing terminologies. These help employees tackle problems in...
by Phillip | Jul 9, 2017 | Accounting
In order to extend a business, it undoubtedly needs requisite investment. But it is not always possible that a company’s owner will find potential investors. They are always needed to have a second set of plans so that just because of the requirement of some...
by Phillip | Jul 9, 2017 | Accounting
The expense in accounting that is identified in the records before its payment is called accrued expense. It is termed as a current liability. The accrued expenses are typically recurrent and also accounted in the firm’s balance sheet because there are very high...
by Phillip | Jul 9, 2017 | Accounting
At times firms make advance payments for certain goods or services before the actual usage, these types of payments are called prepaid expense. Thus prepaid expenses are treated as an asset to the business that are shown on the company’s balance sheet showing goods...
by Phillip | Jul 9, 2017 | Accounting
Operations of any business organization requires certain expenses, firms cannot function without such expenses. There are several types of expenses involved, outstanding expenses are also a form of expenses required to run a company. Expenses that have been made and...
by Phillip | Jul 9, 2017 | Accounting
Profit and loss is a topic of mathematics which comes in handy on a daily basis. So, the concept of profit and loss is a part of almost every calculation that you do. Starting from buying grocery to making a final business deal, everywhere you will notice it as a...
