Bycalebho
The Net Book Value (NBV), also known as depreciated cost, is equal to its original cost (its book value) less amortisation (not in O’/N’ level syllabus) and depreciation. On the other hand, the Net Realisable Value (NRV) refers to the selling price of an asset minus the expenses incurred in the sales transaction, and in…
Bycalebho
The Imprest System is a system for controlling petty cash. The person petty cashier is given an amount in advance of expenditure. This amount also known as the “float.” Under the Imprest system, the chief cashier replenishes the cash such that the petty cash box always has the same amount of float at the start…
Bycalebho
PURPOSE Accounting principles or concepts are set up to ensure all business standardise accounting definitions, assumptions and methods when recording transactions in the business Accounting concept Definition Frequently tested in Materiality Concept Requires the disclosure of information which is deemed to be material in accounting reports. Information is deemed to be material if it has…
Bycalebho
Bank Loan or Bank Overdraft? What’s the difference? How does it affect my Profit and Loss Account and Balance Sheet?
Bycalebho
Students are often confused about the difference between carriage inwards and carriage outwards. This article demystify the aura of ambiguity around it and the correct accounting treatment to these accounts.
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