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BASIC ACCOUNTANCY PROCEDURES
What is the fundamental accounting equation?
The fundamental accounting equation is Assets = Liabilities + Capital (Owner's Equity). This equation must always remain balanced after every transaction.
What is a Petty Cash Book used for in accounting?
Recording small day-to-day miscellaneous cash expenses of a business.
What does the term 'double entry system' mean in accountancy?
The double entry system means every financial transaction affects at least two accounts — one account is debited and another is credited by equal amounts, ensuring the accounting equation stays balanced.
What is the 'Imprest System' in petty cash management?
Fixed amount given to petty cashier, reimbursed when nearly spent.
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