Measurement: It means quantification (including estimates) of business transactions into financial terms by using monetary unit, viz. rupees and paisa as a.
BBA NOTES financial accounting unit bba first semester (109) lecture meaning of accounting, need for accounting, nature of accounting, book keeping.
This book covers the syllabi of major universities across the country, providing basic knowledge of accounting principles and practices in a systematic manner.
20 Oct 2017 — 20 Oct 2017Financial Accounting II Sem. BBA. 114. ACCOUNTING FOR ISSUE OF DEBENTURES. The most common method of supplementing the capital available to a.
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Introduction to Financial Accounting for BBA (Paper Code BBA 105) And B.Com (Hons.) (Paper Code B.Com 103), Semester 1, GGS IP University Edition 2022.
FINANCIAL ACCOUNTING (BBA) . Expenditure Money value paid or payable for acquiring an asset or service is called expenditure. Revenue It is the amount realized.
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From Financial Accounting
Bills receivable are bills accepted by customers and held by the business, so they represent an amount receivable and are shown as assets. Bills payable are bills accepted by the business in favour of suppliers/creditors, so they represent an amount payable and are shown as liabilities. Bills receivable are debited when received and credited when realised/endorsed/discounted; bills payable are credited on acceptance and debited on payment.
Gross profit is the excess of net sales over cost of goods sold, considering only direct costs and direct expenses. Net profit is the profit remaining after deducting all indirect expenses from gross profit and adding other incomes. Therefore, gross profit measures profitability from trading operations, while net profit measures overall profitability after all business expenses.
A bill of exchange is a negotiable instrument in writing containing an unconditional order, signed by the drawer, directing the drawee to pay a definite sum of money to the payee or to his order on demand or at a fixed future date. It is widely used in credit transactions because it provides written evidence of debt and certainty of payment.
Features: (1) It must be in writing and properly stamped as per law. (2) It contains an unconditional order to pay a definite amount. (3) It is signed by the drawer and accepted by the drawee, creating legal liability on the acceptor. (4) It has definite parties and a definite tenor/maturity. (5) It is negotiable and can be transferred by endorsement and delivery. (6) It can be discounted with a bank to obtain cash before maturity. These features make bills useful as a credit instrument and as a source of short-term finance.