Difference between book keeping and Accountancy? Difference Between Bookkeeping and Accountancy: Bookkeeping and accountancy are essential components of managing the financial aspects of any business or organization. While these terms are often used interchangeably, they refer to different processes that serve distinct purposes in financial management. Understanding the difference between bookkeeping and accountancy is… Read More »
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 »
Bookkeepers and Accountants Bookkeepers and accountants perform distinct roles in the realm of finance and accounting, although their responsibilities are intimately intertwined. Bookkeepers are responsible for recording and organizing financial transactions, maintaining ledgers, and ensuring accuracy in financial records. They typically handle day-to-day tasks such as recording sales and purchases, reconciling bank statements,… Read More »
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 »
If We Make Cash Sales, Should We Issue a Tax Invoice for GST? When running a business, it’s essential to understand your tax obligations, especially under the Goods and Services Tax (GST) regime. One common question for businesses making cash sales is: Should we issue a tax invoice for GST? The answer is yes, let’s… Read More »
Why is provision for depreciation not an expense Provision for depreciation is not considered as an expense but rather as a gradual reduction in the value of an asset over its useful life. Unlike immediate expensing, depreciation allows for the allocation of an asset’s cost over time. To visit- https://www.mca.gov.in/ Depreciation represents the decrease in… Read More »
