Definition of Accounting cycle

what is accounting cycle?

Definition The process of recording and processing the accounting events of a company collectively is known as accounting cycle.This cycle starts when a transaction take place and ends when the transaction include in a financial statement. Explanation: Accounting records are maintained through the general ledger and trial balance. Basically it is a method which can […]
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Definition of Accounting Concepts

What is accounting concepts?

Definition: Accounting concepts is basically the accounting rules that should be follow while preparing the financial statements and accounts . Explanation: It includes four fundamental concepts which are as follows: 1) Accrual Concept: According to this concept revenue and expenses are noted when they occur in a financial statement and when the cash received or […]
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Definition of Account Statement

What is Account statement?

Definition: It includes summary of a person’s or a business’s account activities which have occurred during a given period of time is known as account statement. It is also known bank statement. Explanation: Basically, when an account is maintained then the account statement also mention at that moment. The account statement are as follows i-e […]
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Definition of Account Minimum

What is Account Minimum?

Definition: It is a minimum or sufficient balance , demanded by the bank to maintain the bank account/ investment account. Explanation: Basically, this account may be established to assure that a client has necessary/sufficient capital to deal with a trade .On the other hand, a bank may establish a account minimum either to receive fee […]
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