PROFIT AND LOSS ACCOUNT Profit & Loss Account: This is an account prepared after the preparation of the Trading Account. It is debited with all operational expenses and credited with the gross profit and all other revenue accruing to a business. Purpose of Preparing the Profit & Loss Account The P&L account is prepared […]
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TRIAL BALANCE MEANING OF A TRIAL BALANCE A trial balance is a list of debit and credit balances extracted from the ledger. The trial balance shows the arithmetical accuracy of ledger entries. Double entry book keeping requires that the totals of the debit column and that of the credit column of the trial balance agree.
A source document is the original record of transaction.it states the basic facts of the transaction such as its date, purpose (description of transaction), quantity of the goods exchanged, amount of money involved, name of the seller and buyer and so forth. Uses of source documents For record purposes For accounting purposes For auditing purposes
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What is book keeping? Book keeping is the name used to describe the recording of cash and credit transactions so that information relating to the transactions may be easily obtained. Book-keeping is an important activity which is performed by an individual, business or other organisation. It can also be defined as the act of systematically
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WHAT IS ETHICS IN SOURCING CHEMICALS? CHEMICALS Chemicals are essential components of our daily life. They are substance which are used for certain processes or tasks performed in the laboratory, workshop, home, industry and other place where work is done. Chemicals are very useful, but many of them are dangerous and can cause serious bodily
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What is business? Business is defined as all forms of activities that people engage in to satisfy their needs of people and sometimes also make profit. Business organisation is a commercial or industrial enterprise and the people who constitute the business. Types of business organisation Different types of business organisation exist namely: Sole proprietorship Partnership
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Truthfulness means being honest in what we say or do without lying or distorting the truth. It is the quality of being honest, consistent and straight forward in speech and action. A truthful person is an honest person. He or she does not lie, cheat or steal. Attribute of Truthfulness The attributes or characteristics of
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Commerce is an important branch of business which involves buying and selling. Commerce can be defined as the large scale of buying and selling of goods and services. Commerce is another term for describing trading of goods and services. It looks after the distribution aspect of a business. Transportation plays a very important role in
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Occupation can be defined in different ways. For instance. Occupation can be defined as any economic activity in which a person is fully engage in order to earn a living. Whenever man does in order to earn a living. Occupation can be defined as a profession or anything that occupied one’s time in order to
Office equipment or office machines are the machines or equipment used to carry out work in an organisation or establishment to make work easier and faster. Advantages of office equipment/machine Workers cannot easily get tired. It promotes or ensure accuracy and quality work (i.e. accurate) It improves work appearance It saves time, energy and labour
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Personnel department This department is also refers to as human resources or human capital department. It is responsible for staff related matters. It is headed by a personnel manager or human resource manager or human capital Functions/responsibilities Promotion of staff welfare Promotion and discipline of staff Recruitment and training of staff Ensuring discipline in an
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Personal finance means the ways an individual manages his personal money and other assets. An individual may obtain funds from the following sources: Personal savings Loans from banks Borrowing from friends and relatives Trade credit or credit facilities from suppliers USES OF PERSONAL BUDGET A budget is an estimate of income and expenditure at a