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Nature of Reserves-Funds or Provisions

The amount saved is set aside for any of the following five purposes: (a) for meeting future liability or loss; (b) for strengthening the financial position of the business; (c) for fulfilling some specific purpose; (d) for redeeming a liability; (e) for replacing a wasting asset. (f) There are two …

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What Is Bitcoin and Is It a Good Investment?

Bitcoin (BTC) is a new kind of digital currency-with cryptographic keys-that is decentralized to a network of computers used by users and miners around the world and is not controlled by a single organization or government. It is the first digital cryptocurrency that has gained the public’s attention and is …

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List Of Top Accounting Software For Your Business

Simply put, accounting is the lifeline of a business. Accounting deals with summarizing, analyzing and reporting the financial data and information about a business. An accounting software records and processes the accounting transactions of a business within its functional modules. Financial statements consisting of the balance sheet, profit and loss …

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Accounting Sub Journals and Cash Book

The accounting procedure, for recording information, involves two steps, namely journalizing and posting. It follows that every business must maintain a journal (books of original or prime entry) and a ledger (principal book). Thus the system of book-keeping originally envisages that all the transactions must be recorded first in the …

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