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Banking & Finance Articles
Page 101 of 102
What is difference between profit and loss account and profit and loss appropriate account?
The major differences between profit and loss account and profit and loss appropriate account are as follows −Profit and loss accountIt is prepared by all types of businesses.It doesn’t have an opening or closing balance.It is prepared after trading account.The items debited are all expenses.Not based on the partnership agreement.The matching principle is not followed.To ascertain net profit/loss.Profit and loss appropriate accountIt is prepared mainly by partnership firms.May carry forward opening or closing balance from the previous accounting period.It is prepared after the profit and loss account.Item debited are appropriations of profit.Based on the partnership agreement.The matching principle is not ...
Read MoreWhat is difference between trail balance and adjusted trail balance?
The major differences between trail balance and adjusted trail balance are as follows −Trail balanceLedger account balance complied without any period-end adjustments.It is prepared first.It is account balances.To check the arithmetical accuracy of ledger.Checkbooks of accounts are balanced.It is less accurate.Only one version prepared.It is prepared in columnar format.Adjusted trail balanceIt is compiled after necessary adjustments are made at the close of the accounting period.It is prepared after the unadjusted trail balance is prepared.It includes necessary adjustments.To check the accounting accuracy of the books of accounts.Adjustments are made according to accounting standards and principles.It is more accurate.It can have multiple ...
Read MoreWhat is difference between consolidate balance sheet and balance sheet?
The major differences between consolidate balance sheet and balance sheet are as follows −Consolidate balance sheetIn case of subsidiaries companies, assets and liabilities are not mentioned separately.It is difficult to prepare.It reflects financial position of a firm and its subsidiary.Assets (parent + subsidiary) = liabilities (parent + subsidiary) + shareholders’ equity+ minority interest.It takes lot of time to prepare.It is prepared by only companies holding shares in another company.Balance sheetIn case of subsidiaries, assets and liabilities are mentioned separately.It is easy to prepare.It shows financial position of a firm to stakeholders.Assets = liabilities + shareholders’ equity.It takes less time to ...
Read MoreWhat is difference between balance sheet and income statement?
The major differences between balance sheet and income statement are as follows −Balance sheetIncome statementAssets, liabilities and equity.Helps in deriving liquidity of a firm.Prepared in last day of accounting period.Accounts transferred are not closedBalance will become opening balance for next period.Current ratio, quick ratio, cash ratio, receivable turnover ratio, inventory turnover ratio, payable turnover ratio, return on assets are calculated.It is also named as statement of financial positionIt has narrow scope.Revenues and expenses.Helps to take decisions in any operational or financial issues.Prepared for accounting period.Accounts transferred are closed.Balance is transferred to capital account in balance sheet.Gross margin, operating margin, net ...
Read MoreWhat is difference between trail balance and balance sheet?
The major differences between the trial balance and balance sheet are as follows −Trail balanceBalance sheetOpening stock is considered.Debit and credit.Doesn’t take part in financial statement.Contains nominal, real and personal accounts.Internal useCan be prepared monthly, quarterly, half-yearly and financial period.Prepared in column format.Audit is not necessary.Information of loss or profit is not provided.Not necessary to prepared by law.Prepared before adjustments.Can’t tell true financial position of the firm.General ledger is the source.No thumb rule.Closing stock is considered.Assets and liabilities.Will take part in financial statement.Contains real and personal accounts.External use.Prepared in financial period.Prepared in T-Format.Audit is necessary.Information on loss/profit is provided.Prepared by ...
Read MoreGo Cashless – No Internet (no signal) No Problem ???
The cashless world after demonetization is no longer imagination for all of us, we might get there sooner than we think. While the idea of a cashless society is appealing, the challenges of implementation are huge.Today various modes of digital payments for cashless transactions are available such as Internet Banking and Mobile banking but these cashless solutions are heavily dependent on active internet connection and some people find it difficult to pay digitally due to poor or no internet connectivity. In this article, I will cover some of few options viable payment options which can be leveraged even without active ...
Read MoreUnderstanding NIFTY Stock Market Index
NIFTY is introduced by National Stock Exchange (NSE) for equity markets and it is a major stock index in India. It is owned and managed by Indian index services and products (IISL).NIFTY represents top stocks of National Stock Exchange (NSE) just like SENSEX, which represents top stocks of BSE (Bombay stock Exchange). It is a major indicator of market movement.The National Stock Exchange (NSE) is India’s leading stock exchange.NSE provides a modern, fully automated screen based trading system.NSE network stretches to more than 1500 locations in the country and supports more than 2, 30, 000 terminals.NSE and Singapore Exchange (SGX) ...
Read MoreHow to prepare for IBPS specialist officer exam?
The IBPS notification for a specialist officer is released. This is a dream opportunity for many aspirants who are aiming at prestigious bank jobs. Here is a piece of comprehensive information about how to prepare for IBPS specialist officer job.How IBPS specialist officer is different from other IBPS jobs?Candidates already preparing for IBPS jobs might be aware that there is a focus on quantitative aptitude, reasoning and general awareness sections. For IBPS aspirants already preparing for officer exams, the preparation for specialist exam needs focuses on the core areas for which they are applying for.In general, the IBPS recruits specialist ...
Read MoreWhat is the difference between CDSL and NSDL?
CDSL stands for Central Depository Services India Ltd and NSDL stands for National Securities Depository Ltd. Depository refers to an organization which holds the stocks of investors and shareholders. NSDL and CDSL are the two apex depositories in India. Just like banks take care of cash and deposits, they hold bonds, stocks etc for the shareholders in electronic form.Functioning of CDSL and NSDLWe need not send share certificates physically for transfers like in the old days, the NSDL and CDSL help to convert and hold shares in the Demat form. Since their establishment, we received huge contributions from both these ...
Read MoreCan I opt for the EMI option using my debit card on e-commerce websites?
The online market is worth millions at the moment and there is a complete generation who loves shopping online, especially on EMI. I also purchased a Smart Television on last Diwali and that too on EMIs and still paying. However, I have the satisfaction of giving this as a surprise gift to my ‘die-hard web series’ fan wife who wanted to enjoy the streaming on a larger screen.However, many folks among us get deprived of picking the most needful air-conditioner at the blazing summer or the latest 8th generation laptop for higher studies just because they carry mere a debit ...
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