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Finance

Difference Between Tally and QuickBooks (With Table)

Business accounting is the operation of recording, evaluating, and demonstrating financial negotiation and data. Business with its performance can be on track. Also, we can record everything from the onset till the end. It is very compound and time-devouring work if executed manually. Both of these software helps to focus …

Read moreDifference Between Tally and QuickBooks (With Table)

What is Cash Flow Statement? | Definition, Components, Pros and Cons

The cash flow statement or statement of cash flows is an essential tool of financial accounting. It is used along with income statement and balance sheet to analyse the financial position of an enterprise. However, it differs from both of them because it does not record the future outgoing and …

Read moreWhat is Cash Flow Statement? | Definition, Components, Pros and Cons

What is Balance Sheet? | Definition, Components, Pros and Cons

A Balance sheet is an essential tool for analysing the financial status of an individual or an enterprise. It is used along with other accounting tools like cash flow statement and income statement to calculate and analyse a company’s financial ratios. It is primarily a financial statement that provides the …

Read moreWhat is Balance Sheet? | Definition, Components, Pros and Cons

What is Audit Plan? | Definition, Preparation, Pros and Cons

Conducting an audit is a highly tedious job. It comprises of several steps among which preparing an audit plan constitutes the first step. In simple words, it is defined as a scheme comprising of approaches and strategies adopted by an auditor while administering an audit. To conduct an audit, the …

Read moreWhat is Audit Plan? | Definition, Preparation, Pros and Cons

What is Promissory Note? | Parties, Format, Pros and Cons

A Promissory Note is one of the many credit instruments issued by a creditor to the debtor as a certificate of assurance that a particular payment will be made by a deferred date. The Negotiable Instruments Act of India, 1881 defines a promissory note as a negotiable instrument that directs …

Read moreWhat is Promissory Note? | Parties, Format, Pros and Cons

What is Stores Ledger? | Definition, Purpose, Pros and Cons

Stores Ledger refers to a document or statement that keeps the records of the value and quantity of different stock items issued, received and their closing balance. It is often compared with Bin Cards as both of these statements are used to record stock materials. However, it must be noted …

Read moreWhat is Stores Ledger? | Definition, Purpose, Pros and Cons

What is Bill of Exchange? | Definition, Working, Pros and Cons

Exchange of goods can be done for cash or on credit. When goods are traded on credit, the payment is made on a deferred date. In such cases, the seller may either trust the buyer with a verbal promise or may use an instrument of credit to prevent any further …

Read moreWhat is Bill of Exchange? | Definition, Working, Pros and Cons

What is Accounts Receivable? | Definition, Working, Pros and Cons

In this modern age, every business does financial transactions with their customers. In most cases, the customer pays the due amount at the time of the transaction. But in some cases, the customer takes a little time to pay the due amount for their convenience. Accounts receivable are due balance …

Read moreWhat is Accounts Receivable? | Definition, Working, Pros and Cons

What is Accounting Profit? | Definition, Working, Pros and Cons

The main objective of all businesses is generating profit as a result of their effort. The success of any business endeavor is measured with this metric. Accounting profit is the net earnings of a business, which is calculated by deducting explicit costs from the revenue. The revenue is any type …

Read moreWhat is Accounting Profit? | Definition, Working, Pros and Cons

What is Economic Profit? | Definition, Working, Pros and Cons

At the time of business endeavor every entrepreneur and business entity wonders, whether the business activity is generating appropriate profit or it could have done better with another way of business. It helps them evaluate different opportunities and allocate their resource in the right direction. Economic Profit is a financial …

Read moreWhat is Economic Profit? | Definition, Working, Pros and Cons

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