Independent Branch Accounting
A complete set of accounting books are maintained by an independent branch. They get their goods from the HO as well as from the other parties. It has its own…
Accounting for Dependent Branches
In branch accounting, each branch is treated as an individual unit which earns revenues (profits) and incurs costs. Each branch maintains its own books of accounts, which include a record…
What is Branch Accounting? Need, Types
What is Branch Accounting? Branch accounting is a bookkeeping system in which separate accounts are maintained for each section of the organisation. A branch refers to an establishment that carries…
What is Departmental Accounts? Advantages, Objectives, Types, Methods
What is Departmental Accounts? If a business consists of several independent activities, or is divided into several departments, for carrying on separate functions, its management is usually interested in finding…
What is Financial Statements? Definition, Nature, Objectives, Types, Importance, Limitations
What is Financial Statements? Financial statements are the basic and formal annual reports through which the corporate management communicates financial information to its owners and various other external parties which…
What is Depreciation in Accounting? Definition, Example, Need, Methods
What is Depreciation? Depreciation in accounting refers to the permanent loss and gradual shrinkage of the book value of noncurrent assets. Depreciation is charged on the cost of the noncurrent…
What is Accounting Errors? Types, How to Rectify Accounting Errors
What is Accounting Errors? An accounting error is a non-fraudulent or non-intentional discrepancy in financial documentation. Accounting errors are of various types, mostly they are unintentional mistakes that happen due…
What is Trial Balance? Objectives, Preparation, Example, Limitations
What is Trial Balance? A trial balance is prepared at the end of the year after all accounting entries for the year are done and completed. All journal entries are…
What is Posting in Accounting? Rules, Types
What is Posting? Posting means a process in which all information in the journal is transferred to the relevant ledger accounts. There is a specific procedure to transfer these entries.…
What is Ledger in Accounting? Definition, Format
What is Ledger? Ledger is the principal book of accounts that contains all accounts covered in journal entries and in subsidiary books. All transactions are recorded in a tabular form…
