single entry system
The Duality Concept in accounting means that under this system all transactions are of a twofold nature and this means that data will be recorded in 2 accounts (credit and debit).
Double entry book keeping system is that system under which all transactions have atleast two accounts which are charged for, one for debit part and one for credit.
Accounting is a scientific system by which all transactions of whatever nature are brought under scanner and recorded in a systematic manner for future verification.
Instead of opening of one branch a/c separate accounts are opened for various transactions at branch.
Under cash basis accounting all transactions are recorded when cash is actually received or disbursed.Under accrual basis accounting, all revenues earned during a period are recorded in the period in which they are earned, together with all incurred expensesrelated to those revenues, without regard to whether or when any cash has been received or disbursed.
The Duality Concept in accounting means that under this system all transactions are of a twofold nature and this means that data will be recorded in 2 accounts (credit and debit).
Double entry book keeping system is that system under which all transactions have atleast two accounts which are charged for, one for debit part and one for credit.
Accounting is a scientific system by which all transactions of whatever nature are brought under scanner and recorded in a systematic manner for future verification.
Instead of opening of one branch a/c separate accounts are opened for various transactions at branch.
Recording referes to the concept of just writing down any exchage of values in business (transactions) such as merchandise sold, it is recorded in a double entry sales where cash is debited and merchandise is credited. during classification, these transactions are classified in heads under "T Accounts" where all cash/other accounts which were debited/credited comes under one heading and shows the current position of cash/ other accounts these T Accounts are then summarized in steps in a more meaningful form to have a better view of progress of the business. example is p/l statements, balance sheet, etc
Under cash basis accounting all transactions are recorded when cash is actually received or disbursed.Under accrual basis accounting, all revenues earned during a period are recorded in the period in which they are earned, together with all incurred expensesrelated to those revenues, without regard to whether or when any cash has been received or disbursed.
Accounts receivable is a benefit receivable in future time that's why it is recorded in balance sheet of company
Accrual System expenses are recorded when they are occured.Cash System expenses are recoreded when they are actually paid.
If you personally, or your transactions (bank, phone, internet,etc) are being observed and/or recorded by a Government Official, or Agency, you are under Government Surveillance.
An integrated management system is a quality system where all operational management is aggregated under the supervision of an entity with global and trusted visibility of all transactions.
All the expenses and incomes are recorded in nominal accounts, whether capital or revnue nature
Under accrual basis of accounting, transactions are recorded when they actually occurred while in cash basis accounting transactions are recorded when actual cash is paid. Accrual accounting follows the matching concept according to which all revenues in one period should be match with expenses.