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Auditing – An Introduction
Concept of Auditing Auditing is derived from the Latin word “Audire” which means “Listen”. Traditionally, a businessman used to appoint a person and asked him/her to go to the accountant to look after any suspicious transactions. Such appointed person used to go to the accountant with the queries about the suspicious transaction and listen to…
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Cash Book : Know It Briefly
A cash book is a daybook or main entry book used to record all transactions related to cash. It records all cash receipts and all cash payments. A cash book is considered a special day book because of its dual nature in accounting. Cash book acts as the main entry book as well as a…
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Double Entry System and Its Concept
A double-entry system is a system of bookkeeping that records the two-fold effect of any financial transaction. This is a system of recording the effect of a transaction in two different aspects. In other words, a double-entry system is a technique of recording a transaction in the ‘Debit Side’ of one account and ‘Credit Side’…
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Accounting : Knowing Its Basics
Concept of Accounting Before understanding accounting, we must first know the concept of Book Keeping. Bookkeeping is the art and skill of recording transactions. It evolved as each and every transaction could not be memorized by an individual. It was just limited to record-keeping. Its concept got expanded to accounting with the development of the…