Tag Archives: #AccountingDebate

Q10.26 Interchange of bookkeeping and accountancy: The term book keeping and Accountancy can be used interchangeably ?

Interchange of bookkeeping & accountancy Interchange of bookkeeping and accountancy Website link Interchange of bookkeeping and accountancy: While bookkeeping and accountancy are related fields within the realm of financial management, they are not interchangeable terms. They refer to distinct activities and have different scopes of work. Bookkeeping primarily involves the systematic recording, organizing, and maintaining… Read More »

Is book keeping Accounting?

Is BookKeeping Accounting There is important answer of Is BookKeeping Accounting question. Book keeping and accounting are closely related disciplines within the field of finance, but they are not the same thing. Book keeping is a fundamental component of accounting, serving as the process of recording and organizing financial transactions. It involves tasks such… Read More »

Are fictitious asset and deferred revenue expenditure are same?

Are fictitious asset and deferred revenue expenditure are same No, fictitious asset and deferred revenue expenditure are not the same. A fictitious asset is a non-monetary asset that has no physical substance and cannot be seen or touched. It represents an expense that has been paid for in advance, such as prepaid expenses or deferred… Read More »

Capital in balance sheet is a opening capital or closing capital?

Capital in balance sheet is a opening capital or closing capital In a balance sheet, the capital represents the owner’s equity or shareholders’ equity of a business. It can refer to either opening capital or closing capital, depending on the specific context of the financial statement. 1.Opening capital: Opening capital refers to the initial capital… Read More »

Is share capital liability?

Share capital Liability Share Capital Liability, Is Share Capital Liability? When discussing the financial structure of a company, the term “share capital” frequently arises. It represents the funds raised by a company through the issuance of shares to shareholders. While share capital is an essential component of a company’s equity, its classification as liability… Read More »

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