In Cash Basis Accounting, Revenue is recorded only after payment received and expenses are recorded when payments are made. In Accrual Basis Accounting, Revenue is recorded when earned irrespective of the cash received
`The main aim of bookkeeping is to maintain systematic records of the business transactions. The main aim of accounting is to analyze and interpret the recorded transactions.
The capital company is divided into units of equal value, These units are called as ‘Shares’. Debenture holders are literally called as “Creditors” to the company….
‘Accepting the deposits of money from the public which are repayable on demand for the purpose of lending or investment of the money acquired from the public in the form of deposits’.
An Agreement can be easily defined as Offer by one individual and the approval or acceptance of that offer by another individual. The contract is defined as an Agreement which can be enforceable by law.
fraud is defined as the intentional and willful act of false representation of information to deceive the other party. Misrepresentation is defined as an Unintentional or innocent act of false representation of information to the other party.
In coercion, the consent is obtained by committing an offense or threatening to commit an offense .In Undue Influence, the consent is obtained by dominating the will of another party.
A Partnership is a relationship between two or more persons who have agreed to share the profits of a business. A company is defined easily as an association of two or more persons which is formed for doing business collectively…..
The companies are of various types and Based on Membership, it is divided into One Person Company(OPC), Private Company (Pvt Ltd) and Public company (Ltd). A Private company has “Pvt.Ltd” at the end of its name. A Public company has “Ltd” at the end of its name.
Policy statements are framed by top management officials of an organization. The steps in the procedures are framed by the middle and low-level management of an organization.