Answered Questions

  • Rectification

    what do you mean by rectification


    • Jun 20th, 2008

    If any errors are made in accounting like posting wrong amount, posting to wrong account, making partial entries or giving credit to the account instead of debit etc all these kind of errors are commi...

  • Golden rule of accounts

    What is golden rule of accounts

    Aruneshwari naik

    • Jul 15th, 2019

    Golden Roles of Accounting:
    1) Personal Account:
    Debit the receiver
    Credit the giver

    2) Real account:
    Debit what comes in
    Credit what goes out

    3) Nominal account:
    Debit all expenses and losses
    Credit all gains and income

    Àkash Salve

    • Apr 14th, 2019

    Real Account-Credit what comes into the business and debit what goes out from the business
    Nominal Account-Credit Income and gains and Debit Expenses and losses
    Personal Account-Credit to giver and debit to receiver

  • What is BRS ?

    Star Read Best Answer

    Editorial / Best Answer


    • Member Since Jun-2008 | Jun 20th, 2008

    BRS - Bank Reconciliation Statement

    A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.

    The differences may arise because of the following reasons:
    1. Cheques deposited into bank but not yet collected by bank
    2. Cheques issued by the organization but not yet presented for payment
    3. Cheques directly deposited by customers into the bank
    4. Bank charges debited by bank
    5. Interest credited or some receipts directly collected by bank based on org. request.
    6. Some payments directly made by bank based on the organizations request.

    So, the statement shows the reasons as what are the reasons for difference in balance.



    • Jun 20th, 2008

    Bank reconciliation is the process of matching and comparing figures from accounting records against those presented on a bank statement. Less any items which have no relation to the bank statement, the balance of the accounting ledger should reconcile (match) to the balance of the bank statement

  • how many types of fixed assets

  • What is Goodwill ?

    Goodwill is an intangible assets. it is exist in business.


    • Jun 20th, 2008

    Goodwill is the extra amount paid at the time of acquiring the bussiness, it is got by reputation, brand name, fame of the company and loyalty of the company.  It is an intangible asset which is shown in the balance sheet on the asset side. 

  • What is the difference between EFT & Wire?


    • Nov 3rd, 2011

    EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented...