Accounting Terms

Reconciliation
Reconciliation
Reconciliation is an activity which ensures that the two sets of accounting record/balances are matching. It is an act of
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Bank Reconciliation
Bank Reconciliation
On a regular interval business/individual needs to do bank reconciliation of their cash book and bank statement as a control
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Deffered Revenue Expenditure on AccountingMantra
Deferred Revenue Expenditure
Deferred Revenue Expenditure is an expense which is actually revenue in nature and its benefit results in more than one
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liability on AccountingMantra
Liability
In the accounting terminology when the word Liability is used then its only shows that the business owes something and
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creditor
Sundry Creditors
Sundry creditors are also known as trade creditors. They are the supplier of the business and hold Liability by us.
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creditor
Trade Creditors
Refer Sundry Creditors
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Contingent Liability
Contingent Liability
Contingent Liability is the liability which may arise depending on the future event/s.
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Contingent Assets
Contingent Assets
Contingent assets are those possible assets whose existence depends on unpredictable future events which may or may not occur and
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