Management According to Marrie and Douglas, "Management is the process by which a co-operative group directs actions of others toward common goals." Management is a process of getting work done with the aim of achieving…
Basic Accounting Terms: Part 8: Difference Between Expenditure and…
ExpenditureExpensesExample Purchase of goods, purchase of machinery, purchase of furniture etc.Rent, Salary, Wages, Electricity bill, telephone charges, Deprecation, etc. Meaning Spending money or incurring a liability for some benefit, service or property received is called EXPENDITURE. Cost incurred by…
Basic Accounting Terms: Part 7: Difference Between Capital Expenditure…
Difference Between Capital Expenditure and Revenue Expenditure Capital ExpenditureRevenue ExpenditureExample Cost of MachineryCost of Building Cost of labour (Wages),Cost of Manager ( Salary)Rent of BuildingPurpose /NeedIt is incurred for the acquisition/acquiring or improving fixed assets of the…
Basic Accounting Terms: Part 6: Difference Between Deferred Revenue…
https://youtu.be/AZGl46I55jQ
Basic Accounting Terms: Part 5: T. S. Grewals’s
Q1. Mr. Prem commenced business of trading in electronic goods with an initial capital of ₹ 15,00,000. Out of the said ₹15,00,000, he paid ₹10,00,000 towards purchase of electronic goods. He further spent ₹2,00,000 on…
Basic Accounting Terms: Part 4: Goods, Purchases, Sales,…
Goods Goods are the products in which the firm is dealing or producing for sale purposes. Purchases The term 'Purchases' is used for the purchase of goods. In trading concerns, goods are purchased for resale…
Accounting for Partnership Firm| Fundamentals Part 1 Meaning…
Partnership: Partnership is an association of two or more persons (should not be more than 50) who have agreed to share profits of a business carried on by them. Features of Partnership Association of two…
Accounting for Partnership Firm| Fundamentals Part 3| Interest…
https://youtu.be/mxFGIkxGnBs Interest on Capital : (a) For crediting interest on capital to partners' capital account : Interest on Capital A/c Dr. To Partners' Capital/Current A/c (Individually) (b) For transferring interest on capital to profit and…
Basic Accounting Terms: Part 3: Expense, Revenue, Income,Profit,…
Expense: Expense is the cost incurred for generating revenue (producing goods and services for sell purposes). According to R.N. Anthony, "Expense is a monetary measure of inputs or resources consumed." It is a value which…