Single Entry

Single Entry

A single entry system of accounting is a form of bookkeeping in which each of a company’s financial transactions are recorded as a single entry in a log. This process does not require formal training and is usually used by new small businesses because of its...
Cost Sheet

Cost Sheet

Cost Sheet is a statement, prepared at given intervals of time, which provides information regarding elements of cost incurred in production. It discloses the total cost as well as the cost per unit of the product manufactured during the given period. If it is desired...
Valuation of Stock

Valuation of Stock

Stock Valuation FIFO & Weighted Average Method FIFO METHOD: This method assume that the items received first are issued (Sold or consumed) first, So that the latest items are in Stock. In this method, an issue is valued at the oldest rate, while the closing stock...
Accounts of Not For Profit concern

Accounts of Not For Profit concern

A non profit organization (NPO), or non-business entity, is an organization which does not give its surplus income to owners or shareholders. It uses its revenue and/or capital to achieve its purpose or mission. The decision to adopt a non profit legal structure is...
Bills Of Exchange

Bills Of Exchange

A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at some point in the future. A bill of exchange often includes three parties—the drawee is the party that pays the sum, the payee receives that sum, and...