MISNOMERS
A trial balance is a listing of balances extracted [...]
CHART OF ACCOUNTS
This term, more commonly associated with computerised accounting, can [...]
ACCRUALS BASIS, CASH BASIS AND RECEIPTS AND PAYMENTS
These terms are used to describe a method of [...]
ACCOUNTING STANDARDS
Officialdom in terms of accounting standards have renamed Profit [...]
BALANCE SHEET
After the Profit and Loss account is prepared the [...]
PROFIT AND LOSS ACCOUNT
The balance on all of the sales, purchase and [...]
CONSISTENCY
The concepts and conventions already stated are broad and [...]
CONSERVATISM
The convention is that when there is a choice [...]
MATERIALITY
Accounting does not serve a useful purpose if the [...]
THE ACCRUALS CONCEPT
Net profit is the difference between revenues and expenses [...]
