Accounting For A Sole Proprietorship

Sole Proprietorship A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. A...

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Rectification Of Financial Accounting And Commerce Accounting

RECTIFICATION OF ERROR In financial accounting, every single event occurring in monetary terms is recorded. Sometimes, it just so happens that some events are either not recorded or it is recorded in the wrong head of account or wrong figure is recorded in the correct...

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Accounting For Capital And Revenue

Capital and Revenue Expenditure Expenditure on fixed assets may be classified into Capital Expenditure and Revenue Expenditure. The distinction between the nature of capital and revenue expenditure is important as only capital expenditure is included in the cost of fixed...

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Financial Statements

\          Financial Statements  A financial statement (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.: Financial statements are a collection of reports about an...

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Adjustments And Their Effect On Final Account

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Method Of Preparation Of Trading Account

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Matching Revenue And Expenses

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Final Accounts: The Completion Of Accointing Cycle

Final Accounts: The Completion Of Accounting Cycle Every businessman goes into a business with the idea of making profit, which is the reward of his efforts. He tries his best to get more and more profit at the smallest economic cost.     The role of accounting...

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