Sejal Shah

Single Entry System Definition: A single entry system is a method of maintaining financial information thru one sided accounting entry. It method is also known as single-entry accounting system. Normally small businesses preferred to maintain single-entry bookkeeping system with records of minimum necessities. Single entry system example: such accounting system is pretty good to maintain records …

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There are rules under types of accounts which simply the accounting process. Firstly, understand the real account examples, meaning of real account, mix examples of personal account and real account along with mix example of nominal account and real account. Secondly, we will understand nominal account examples, meaning of nominal account, combination example of personal …

Types of Accounts: Real, Personal and Nominal Accounts with Examples Read More »

Revenue Definition: In financial accounting, an inflow of money usually from sales or services thru business activities is called as revenue. It is also known as sales or turnover of the business. In other words, an income to a business or an organisation is termed as revenue. For example: royalties or interest or copyright fees …

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Liability Definition: A legal agreement that arises in-front of an organization or a business or an individual to settle a debt is termed as liability. Or any sort of loans from persons or banks for enhancing a business or individual salary that is payable amid short or long duration is known as a liability. These …

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Assets Definition: In accounting terms, any tangible (physical resources) or intangible (nonphysical resources) that can be possessed or controlled to create positive monetary value is known as Assets.  In other words, “anything that can be transformed into cash value is termed as assets”.  This includes: Real Estate Asset like Building, land and any other physical immovable …

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