An extractive industry is the industry whichis concerned with taking out products from beneath the surface of the earth, soil, water and air. Mining, agriculture, fishing, and lumbering are some of the examples of the extractive .....

The primary industry is an industry which is concerned with extracting raw materials from the soil or beneath the surface of the earth and reproducing certain species of plants and .....

Industry refers to the act of producing raw materials and finished goods. It is the process of converting raw materials into finished goods. It is the activity relating to extraction, reproduction, manufacturing and construction of .....

There were various types of accounting systems used in Nepal before introducing the New Accounting System. Some of the accounting systems used in Nepal was as follows: Wasil Banki Sresta Pranali: Wasil Banki Sresta Pranali was a simple statement .....

Receipts Cash Book with Cash and Discount Columns Payments Date Particulars JF Cash Amt Discount Date Particulars JF Cash Amt Discount 01-05 To Bank a/c 50,000 01-12 By Pujan’s a/c 3,300 200 01-18 .....

Journal entries Date Particulars LF Debit Rs. Credit Rs. a). Cash a/c ……………………………Dr. 60,000 To capital a/c 60,000 (Being business started with .....

Privatization is the process of transferring the ownership and control from public to private sector. It is the movement towards market economy for achieving greater productivity, efficiency and .....

The records which can be destroyed after 1 years of the completion of a job is called less useful records. Such records should be preserved for 1 year after the completion of a .....

The records which can be destroyed after 3 years of the job completion is called useful records. Such records must be preserved for 3 years after the completion of a .....

The records which can be destroyed after 10 years of the job completion are called important records. Such records must be preserved for 10 years after the completion of the .....

The records which can be destroyed after 5 years of the job completion are called most useful records. Such records must be preserved for 5 years after the completion of a .....

Receipts Simple Cash Book Payments Date Particulars JF Cash Amt Date Particulars JF Cash Amt Kartik 1 To Capital a/c 80,000 Kartik 2 By Purchase a/c 15,000 Kartik 5 To Sales a/c 4,000 Kartik 17 By .....

Sales Return Book Date Particulars Credit Note No. LF Amount Details Total March 10 Jogi Ram: 3 dozens ruler @Rs.48 144 2 dozens daybook @Rs.180 360 504 Less: 15% Trade Discount 75.6 428.4 .....

The records which can be destroyed after 20 years of the job completion are called the most important records. Such records must be preserved for 20 years after the completion of the .....

The records which are preserved over a long time are called permanent records. These records can never be .....

Suspence account is temporary account used in trial balance either in debit or credit side to make both side .....

The following are the advantages of trial balance: It verifies the arithmetical accuracy of recording and posting of financial transactions. It facilitates for preparing final accounts. It helps in locating, preventing and rectifying errors and .....

Purchase Return Book Date Particulars Debit Note No. LF Amount Details Total January 13 Samrat Store, Suryabinayak: 2pcs of Tosai calculator @Rs.550 1,100 3ps of Casio calculator @Rs.850 2,550 3,650 January .....

Sales Book Date Particulars OutwardInvoice No. LF Amount Details Total Bhadra 05 Saru: 1,000 kgs of mansuli rice @Rs.28 28,000 75 bottles of drinking water @Rs.14 1,050 29,050 Bhadra 29 Saju: 7 tins .....

Purchase Book Date Particulars Inward Invoice No. LF Amount Details Total Srawan 05 Pujan 11,000 Srawan 22 Suman: 10 bottles of Complan @Rs.275 2,750 15 bottles Horlicks @Rs.300 4,500 7,250 Total .....

A trial balance is a statement of debit & credit balance of the ledger accounts which is prepared in order to prove the arithmetical accuracy of the books of .....

The new accounting system is the present accounting system of government of Nepal which keeps the systematic record of all revenues and expenditures of the government offices performed through the .....

Any two objectives of preparing a ledger account are: To make a permanent record of all the financial transactions in a classified manner. To supply detailed information on any account for a given period easily and immediately. .....

A ledger is the first step of accounting, which makes a primary record of all the financial .....

The following are the main objectives of preparing a ledger account: To make a permanent record of all the financial transactions in a classified manner. To supply detailed information on any account for a given period easily and immediately. To .....

A ledger account is simply a statement of information on a particular head. It is the summary records of all the transactions relating to a particular person or property or income or .....

Instead of maintaining single journal book, a large sized business maintains some journal books. The collective form of all these journal books is known as subsidiary books. They are the subdivision of Journal. They are the set of a primary book in .....

Journal proper is a subsidiary book that records only non- recurring transactions in chronological .....

The following are the features of government accounting: Profit and Loss: Government accounting does not reveal profit and loss of government organization. Its aim is not to determine operating result of the organization. Government regulations: .....

The following are the main objectives of government accounting: To record financial transactions of revenues and expenditure relating to the government organizations. To avoid the excess expenditures beyond the limit of the budget approved by the .....

The following are the main differences between government accounting and business accounting: Government Accounting Business Accounting It is maintained by government offices. It is maintained by the business organization. Its main purpose .....

An invoice is received from the supplier while buying goods and it is sent to the customer while selling goods. It is a statement, which is prepared and sent out by the seller along with the goods to buyer mentioning the details of the .....

Subsidiary books are important and advantages to a large- scale trading house due to the following reason: They avoid the need of passing journal entry for repeated type of transactions. They keep classified records of the business transactions in a .....

Purchase Book is the first entry of all goods purchased on credit. It is the primary record of all the credit purchases, which are either for reselling or further .....

Any two features of government accounting are: Based on double entry system Expenditures are classified into different budget heads .....

The system of accounting maintained by the government offices to keep the systematic record of revenue and expenditures of all government offices is known as government .....

The journal entry which contain more than one account heads either in debit or credit side is known as compound entry. .....

The process of recording financial transaction in journal is called .....

Narration is the short discription about transaction in the book of .....

The full form of J.F is journal .....

The system record of a transaction in the journal book is called journal entry, the process of passing journal entry is calledjournalising.The rules are also known as rules of debit and credit. 1. Personal Account:It is the account of a person or .....

The process of recording the financial transactions in the journal in a systematic way is called .....

The following are the main importances of journal: It provides the legal evidence of all the transactions performed by an organization. It provides the foundation for further accounting processes of the transactions. It provides the basis for .....

Any two objectives for preparing journal are: To make permanent and systematic record of all the financial transactions. To help to prepare the principal book or ledger. .....

The differences between single entry system and double entry system are as follows: S.N Single Entry System Double Entry System 1 It is not based on the concept of duality. It is not based on the concept of duality. 2 It maintains the cash book and .....

The following are the main features of double entry system of book keeping: Double effect: The double entry system maintains records showing double effect of each financial transactions. It makes record of each financial transaction into two .....

The following are the objectives of preparing journal: To make permanent and systematic record of all the financial transactions. To help to prepare the principal book or ledger. To provide legal evidence of all the financial transactions performed .....

Journal is the primary record of all the financial transactions. It is the first book to keep systematic record. It is also known as subsidiary .....

Double Entry System refers to such accounting system under which every financial transaction is recorded into two separate account with equal amount to determine the true profit or loss and financial position of the .....

The following are the disadvantages of double entry system: It is an expensive system because a number of books are required to maintain. It is not suitable for small business having limited number of transactions. It consumes more time for .....