What are the steps involved in the process of accounting?

What is meant by accounting concepts?

What are source documents?

What is a ledger?

State whether the balance of each of the following accounts should be placed in the debit or the credit column of the trial balance.
1) Sundry debtors
2) Creditors
3) Cash in hand
4) Bank overdraft
5) Salary
6) Discount allowed
7) Plant and machinery
8) Furniture

What is an opening entry ?

What is bank reconciliation statement?

The following errors were detected before preparation of trial balance. Rectify them.
(a) The total of rent received account is carried forward Rs. 900 short.
(b) The total of rent received account is carried forward Rs. 1,000 excess.
(c) The total of salary account is carried forward Rs. 1,100 short.
(d) The total of salary account is carried forward Rs. 1,200 excess

List out the various methods of depreciation.

State with reasons whether the following are capital or revenue or deferred revenue expenditure:
i) Advertisement expenses amounted to Rs.10 crores to introduce a new product.
ii) Expenses on freight for purchasing new machinery.
iii) Freight and insurance on the new machinery and cartage paid to bring the new machinery to the factory.