This document discusses source documents and accounting journals. It defines source documents as the original records of transactions, such as invoices and receipts. It describes the purpose and contents of accounting journals, which record debit and credit entries in chronological order. Journals include explanations of transactions and cross-references to source documents for verification. The different types of specialized journals are outlined.
BASIC ACCOUNTING FOR ALL INCLUDING MANAGERS. ACCOUNTING, DOUBLE ENTRY SYSTEM, JOURNEL (defination,advantages/limitations, how to make,) TRAIL BALANCE(defination,limitations/advantages, steps}
This document discusses the accounting cycle and key accounting documents and processes. It covers source documents like invoices and receipts, accounting journals that record transactions chronologically, T-accounts that make up the general ledger, balancing T-accounts, the trial balance process, and the four main financial statements: the income statement, statement of owner's equity, balance sheet, and statement of cash flows.
The double-entry system of accounting requires every transaction to have equal debits and credits so that the accounting equation (Assets = Liabilities + Owner's Equity) remains balanced. The accounting cycle involves identifying, recording, posting, adjusting, and summarizing transactions into financial statements over an accounting period. Key steps include journalizing, posting to ledgers, preparing a trial balance to check that total debits equal total credits, and generating financial reports.
The document discusses the journal, which is the original book of entries where all business transactions are first recorded. It provides advantages of using a journal such as having all transactions recorded in one place chronologically, including narrations to explain each entry. The journal helps ensure accurate posting to ledger accounts and allows for errors to be rectified. Various types of subsidiary journals are described that can be used for specific transaction types depending on the business. Key differences between trade and cash discounts are also outlined.
The document provides an introduction to accounting, including its objectives and systems. It discusses the key concepts of double-entry accounting such as journal entries, ledger accounts, and the accounting equation. It also includes an example journal for business transactions with the corresponding ledger accounts and trial balance. Accounting is defined as the process of systematically recording and reporting financial transactions to determine profits and financial position. The double-entry system requires equal debits and credits and ensures accuracy through the balance of accounts.
The ledger is the principal book of accounting that contains accounts where transactions are recorded. It collects all accounts from the journal and special journals. The ledger is useful for ascertaining the net result of transactions in an account on a given date. It organizes accounts by debit and credit sides, records journal folio references, and amounts. Ledger accounts are classified into five categories: assets, liabilities, capital, revenues/gains, and expenses/losses. Temporary accounts are closed at period end by transferring them to trading and profit and loss, while permanent accounts appear on the balance sheet.
1. The document discusses the basic books of accounts used in accounting - the journal, ledger, and trial balance.
2. The journal is the book of original entry where transactions are initially recorded in chronological order along with details of accounts debited and credited.
3. Transactions from the journal are then posted to individual accounts in the ledger, which contains a classified summary of all transactions.
4. A trial balance is then prepared from the balances of ledger accounts to check that total debits equal total credits. Errors can be identified through discrepancies in the trial balance.
This document discusses source documents and accounting journals. It defines source documents as the original records of transactions, such as invoices and receipts. It describes the purpose and contents of accounting journals, which record debit and credit entries in chronological order. Journals include explanations of transactions and cross-references to source documents for verification. The different types of specialized journals are outlined.
BASIC ACCOUNTING FOR ALL INCLUDING MANAGERS. ACCOUNTING, DOUBLE ENTRY SYSTEM, JOURNEL (defination,advantages/limitations, how to make,) TRAIL BALANCE(defination,limitations/advantages, steps}
This document discusses the accounting cycle and key accounting documents and processes. It covers source documents like invoices and receipts, accounting journals that record transactions chronologically, T-accounts that make up the general ledger, balancing T-accounts, the trial balance process, and the four main financial statements: the income statement, statement of owner's equity, balance sheet, and statement of cash flows.
The double-entry system of accounting requires every transaction to have equal debits and credits so that the accounting equation (Assets = Liabilities + Owner's Equity) remains balanced. The accounting cycle involves identifying, recording, posting, adjusting, and summarizing transactions into financial statements over an accounting period. Key steps include journalizing, posting to ledgers, preparing a trial balance to check that total debits equal total credits, and generating financial reports.
The document discusses the journal, which is the original book of entries where all business transactions are first recorded. It provides advantages of using a journal such as having all transactions recorded in one place chronologically, including narrations to explain each entry. The journal helps ensure accurate posting to ledger accounts and allows for errors to be rectified. Various types of subsidiary journals are described that can be used for specific transaction types depending on the business. Key differences between trade and cash discounts are also outlined.
The document provides an introduction to accounting, including its objectives and systems. It discusses the key concepts of double-entry accounting such as journal entries, ledger accounts, and the accounting equation. It also includes an example journal for business transactions with the corresponding ledger accounts and trial balance. Accounting is defined as the process of systematically recording and reporting financial transactions to determine profits and financial position. The double-entry system requires equal debits and credits and ensures accuracy through the balance of accounts.
The ledger is the principal book of accounting that contains accounts where transactions are recorded. It collects all accounts from the journal and special journals. The ledger is useful for ascertaining the net result of transactions in an account on a given date. It organizes accounts by debit and credit sides, records journal folio references, and amounts. Ledger accounts are classified into five categories: assets, liabilities, capital, revenues/gains, and expenses/losses. Temporary accounts are closed at period end by transferring them to trading and profit and loss, while permanent accounts appear on the balance sheet.
1. The document discusses the basic books of accounts used in accounting - the journal, ledger, and trial balance.
2. The journal is the book of original entry where transactions are initially recorded in chronological order along with details of accounts debited and credited.
3. Transactions from the journal are then posted to individual accounts in the ledger, which contains a classified summary of all transactions.
4. A trial balance is then prepared from the balances of ledger accounts to check that total debits equal total credits. Errors can be identified through discrepancies in the trial balance.
The document discusses ledgers and their role in accounting. It defines a ledger as the principal book of accounting that contains accounts where transactions are recorded. A ledger collects all accounts from journals and allows the net result of transactions for a particular account on a given date to be ascertained. It provides details on ledger format and maintenance, including how ledgers are composed by posting transactions from other books, can include subsidiary ledgers, and are balanced to maintain the accounting equation.
This document provides an overview of financial accounting concepts including the definition of accounting, the types of accounts (personal, real, and nominal), journal entries, and key accounting transactions like purchases and sales of goods. It defines accounting as the process of identifying, measuring, recording, classifying, verifying, communicating, and interpreting financial information. Journal entries record transactions in chronological order with debits and credits, and involve personal accounts for individuals/entities, real accounts for assets/properties, and nominal accounts for income/expenses.
This topic will provide you the Basic meaning of accounting. The Definitions of Accounting, Transactions & Events has been discussed. The Accounting process/cycle has been explained elaborately. The accounting users, Characteristics of Accounting, its limitations & its sub fields have been discussed.
Recording of Business Transactions. Defination of Journal...Blogger
The document discusses the journal, which is the primary book of accounts where business transactions are initially recorded. It defines the journal, provides details about its purpose and usage, and explains concepts like rules of journal entries, types of accounts, and the process of journalizing transactions. Key points covered include that the journal records debit and credit entries of transactions in chronological order, and is the starting point for posting transactions to individual accounts in the ledger.
The document discusses the accounting cycle and journalizing process. It describes the 10 steps in the accounting cycle from identifying transactions to reversing entries. It then explains the steps of journalizing which includes recording transactions in journals, transferring entries to ledgers, and preparing T-accounts. Transaction types like purchases, payments, and receipts are discussed. The journal format and rules for journal entries are also covered in detail.
This document defines key accounting terms and concepts such as bookkeeping, accounting, accounting principles, and accounting transactions. It discusses the meaning and objectives of bookkeeping, the features of accounting, basic accounting terminology, and the branches and concepts of accounting. The key points covered include defining bookkeeping as the process of recording business transactions, outlining the objectives of bookkeeping such as maintaining permanent records and determining profit and loss, and explaining basic terms like assets, liabilities, debits, and credits.
The ledger is the principal book of accounting that contains accounts for recording transactions. It collects all accounts from the journal and special journals. The ledger is very useful for ascertaining the net result of all transactions for a particular account on a given date. It contains key details for each account like the name, debit/credit sides, particulars, journal folio, and amounts. Ledger accounts are classified into five categories - assets, liabilities, capital, revenues/gains, and expenses/losses. Temporary accounts are closed at the end of the accounting period by transferring them to trading and profit and loss, while permanent accounts appear on the balance sheet.
The document provides an overview of accounting concepts including:
1. The accounting cycle which involves recording transactions, posting entries to ledgers, preparing financial statements and closing the books at the end of an accounting period.
2. Types of accounts such as assets, liabilities, equity, income and expenses and the rules for debiting and crediting different accounts.
3. Key accounting books and records including journals to initially record transactions, ledgers to track account balances, and reports such as trial balances and financial statements.
The document discusses the basic accounting equation and double-entry system where every transaction has equal debits and credits that balance. It also provides examples of journal entries.
The journal is the book of original entry that records transactions in chronological order. It shows the relationship between debited and credited accounts for each transaction. Key information included in a journal entry is the date, title of debited/credited accounts, amounts, and description. There are two main types of journal entries - simple entries that affect two accounts, and compound entries that affect more than two accounts. Debits and credits must always be equal for any journal entry.
The document summarizes key aspects of bookkeeping and accounting. It defines bookkeeping as the process of recording business transactions systematically. It outlines the objectives of bookkeeping such as maintaining permanent records and knowing the profit/loss and capital. Accountancy is defined as including bookkeeping, classifying, summarizing, and interpreting transactions. The basic types of accounts and double-entry bookkeeping system are also introduced. Sources of accounting documents that support bookkeeping entries are discussed, including vouchers, receipts, debit/credit notes, and bank documents.
The accounting cycle refers to the series of steps involved in recording business transactions and producing financial statements. The key steps are: 1) identifying transactions and preparing source documents, 2) recording transactions in journals using double-entry bookkeeping, and 3) posting transaction details from journals to individual accounts in the ledger to accumulate balances over time. This process allows a business to track the financial effects of transactions and produce accurate financial statements.
The accounting cycle refers to the series of steps involved in recording business transactions from occurrence through inclusion in financial statements. The key steps are: 1) identifying transactions and preparing source documents, 2) recording transactions in journals using double-entry bookkeeping, and 3) posting transaction details from journals to individual accounts in the ledger to update account balances. This process allows determination of updated account balances to prepare financial statements.
This document provides an overview of books of accounts used in financial accounting. It discusses the key books which include the journal, ledger, and subsidiary books.
The journal is the primary book of entry where transactions are recorded in chronological order with details. Transactions are then posted from the journal to individual accounts in the ledger. The ledger provides a classified summary of transaction details and is important for preparing financial statements. When there are many transactions, subsidiary books are used as original books of entry prior to posting in the ledger.
The document discusses journal entries and their characteristics. It defines a journal as a chronological record of financial transactions. Every transaction is recorded through a journal entry that includes the date, amount, accounts affected, and description. Journal entries follow double-entry bookkeeping by debiting one account and crediting another. They provide a basis for recording transactions in individual ledger accounts and help locate errors. The document also discusses types of journal entries, their advantages and limitations.
The document discusses different types of cash books used in accounting. It describes single column, double column, cash and discount column, bank and discount column, and petty cash books. Each type records transactions differently based on whether payments are made in cash, to the bank, or include discounts. Cash books simplify accounting by recording money transactions and help prevent errors and fraud.
The document discusses accounting journals and ledgers. It explains that journals are used to initially record transactions in chronological order, while ledgers provide a complete record of financial transactions over the life of a company. It also distinguishes between general ledgers, which provide a summary of all financial transactions, and subsidiary ledgers, which store specific transaction types to avoid cluttering the general ledger. Finally, it emphasizes that every transaction in a subsidiary ledger is periodically summarized and posted to a corresponding general ledger account.
The document provides examples of journal entries and explains the accounting process. It discusses how transactions are first recorded in journals before being posted to individual accounts. Debits are listed before credits in journal entries and credits are indented. Accounts record the effects of transactions by showing increases or decreases to asset, liability, equity, expense and revenue accounts.
This document provides an introduction to basic accounting terms and concepts, including bookkeeping, accounts, debits, credits, and contra entries. It then describes the three fundamental rules of accounting that apply to personal accounts, real accounts, and nominal accounts. Finally, it outlines the key steps to maintaining accounts using accounting software such as Tally, including creating ledger accounts and accounting vouchers, and generating financial statements like the trial balance, trading account, profit and loss statement, and balance sheet.
Here are the journal entries for the transactions:
Jan 1: Capital 80,000
To Cash 80,000
(Commenced business with cash)
Jan 2: Bank 40,000
To Cash 40,000
(Deposited cash in bank)
Jan 3: Purchases 5,000
To Cash 5,000
(Purchased goods by paying cash)
Jan 4: Purchases 10,000
To Lipton & Co. 10,000
(Purchased goods from Lipton & Co. on credit)
Jan 5: Cash 11,000
To Sales 11,000
(Sold goods to Joy and received cash)
The document discusses ledgers and their role in accounting. It defines a ledger as the principal book of accounting that contains accounts where transactions are recorded. A ledger collects all accounts from journals and allows the net result of transactions for a particular account on a given date to be ascertained. It provides details on ledger format and maintenance, including how ledgers are composed by posting transactions from other books, can include subsidiary ledgers, and are balanced to maintain the accounting equation.
This document provides an overview of financial accounting concepts including the definition of accounting, the types of accounts (personal, real, and nominal), journal entries, and key accounting transactions like purchases and sales of goods. It defines accounting as the process of identifying, measuring, recording, classifying, verifying, communicating, and interpreting financial information. Journal entries record transactions in chronological order with debits and credits, and involve personal accounts for individuals/entities, real accounts for assets/properties, and nominal accounts for income/expenses.
This topic will provide you the Basic meaning of accounting. The Definitions of Accounting, Transactions & Events has been discussed. The Accounting process/cycle has been explained elaborately. The accounting users, Characteristics of Accounting, its limitations & its sub fields have been discussed.
Recording of Business Transactions. Defination of Journal...Blogger
The document discusses the journal, which is the primary book of accounts where business transactions are initially recorded. It defines the journal, provides details about its purpose and usage, and explains concepts like rules of journal entries, types of accounts, and the process of journalizing transactions. Key points covered include that the journal records debit and credit entries of transactions in chronological order, and is the starting point for posting transactions to individual accounts in the ledger.
The document discusses the accounting cycle and journalizing process. It describes the 10 steps in the accounting cycle from identifying transactions to reversing entries. It then explains the steps of journalizing which includes recording transactions in journals, transferring entries to ledgers, and preparing T-accounts. Transaction types like purchases, payments, and receipts are discussed. The journal format and rules for journal entries are also covered in detail.
This document defines key accounting terms and concepts such as bookkeeping, accounting, accounting principles, and accounting transactions. It discusses the meaning and objectives of bookkeeping, the features of accounting, basic accounting terminology, and the branches and concepts of accounting. The key points covered include defining bookkeeping as the process of recording business transactions, outlining the objectives of bookkeeping such as maintaining permanent records and determining profit and loss, and explaining basic terms like assets, liabilities, debits, and credits.
The ledger is the principal book of accounting that contains accounts for recording transactions. It collects all accounts from the journal and special journals. The ledger is very useful for ascertaining the net result of all transactions for a particular account on a given date. It contains key details for each account like the name, debit/credit sides, particulars, journal folio, and amounts. Ledger accounts are classified into five categories - assets, liabilities, capital, revenues/gains, and expenses/losses. Temporary accounts are closed at the end of the accounting period by transferring them to trading and profit and loss, while permanent accounts appear on the balance sheet.
The document provides an overview of accounting concepts including:
1. The accounting cycle which involves recording transactions, posting entries to ledgers, preparing financial statements and closing the books at the end of an accounting period.
2. Types of accounts such as assets, liabilities, equity, income and expenses and the rules for debiting and crediting different accounts.
3. Key accounting books and records including journals to initially record transactions, ledgers to track account balances, and reports such as trial balances and financial statements.
The document discusses the basic accounting equation and double-entry system where every transaction has equal debits and credits that balance. It also provides examples of journal entries.
The journal is the book of original entry that records transactions in chronological order. It shows the relationship between debited and credited accounts for each transaction. Key information included in a journal entry is the date, title of debited/credited accounts, amounts, and description. There are two main types of journal entries - simple entries that affect two accounts, and compound entries that affect more than two accounts. Debits and credits must always be equal for any journal entry.
The document summarizes key aspects of bookkeeping and accounting. It defines bookkeeping as the process of recording business transactions systematically. It outlines the objectives of bookkeeping such as maintaining permanent records and knowing the profit/loss and capital. Accountancy is defined as including bookkeeping, classifying, summarizing, and interpreting transactions. The basic types of accounts and double-entry bookkeeping system are also introduced. Sources of accounting documents that support bookkeeping entries are discussed, including vouchers, receipts, debit/credit notes, and bank documents.
The accounting cycle refers to the series of steps involved in recording business transactions and producing financial statements. The key steps are: 1) identifying transactions and preparing source documents, 2) recording transactions in journals using double-entry bookkeeping, and 3) posting transaction details from journals to individual accounts in the ledger to accumulate balances over time. This process allows a business to track the financial effects of transactions and produce accurate financial statements.
The accounting cycle refers to the series of steps involved in recording business transactions from occurrence through inclusion in financial statements. The key steps are: 1) identifying transactions and preparing source documents, 2) recording transactions in journals using double-entry bookkeeping, and 3) posting transaction details from journals to individual accounts in the ledger to update account balances. This process allows determination of updated account balances to prepare financial statements.
This document provides an overview of books of accounts used in financial accounting. It discusses the key books which include the journal, ledger, and subsidiary books.
The journal is the primary book of entry where transactions are recorded in chronological order with details. Transactions are then posted from the journal to individual accounts in the ledger. The ledger provides a classified summary of transaction details and is important for preparing financial statements. When there are many transactions, subsidiary books are used as original books of entry prior to posting in the ledger.
The document discusses journal entries and their characteristics. It defines a journal as a chronological record of financial transactions. Every transaction is recorded through a journal entry that includes the date, amount, accounts affected, and description. Journal entries follow double-entry bookkeeping by debiting one account and crediting another. They provide a basis for recording transactions in individual ledger accounts and help locate errors. The document also discusses types of journal entries, their advantages and limitations.
The document discusses different types of cash books used in accounting. It describes single column, double column, cash and discount column, bank and discount column, and petty cash books. Each type records transactions differently based on whether payments are made in cash, to the bank, or include discounts. Cash books simplify accounting by recording money transactions and help prevent errors and fraud.
The document discusses accounting journals and ledgers. It explains that journals are used to initially record transactions in chronological order, while ledgers provide a complete record of financial transactions over the life of a company. It also distinguishes between general ledgers, which provide a summary of all financial transactions, and subsidiary ledgers, which store specific transaction types to avoid cluttering the general ledger. Finally, it emphasizes that every transaction in a subsidiary ledger is periodically summarized and posted to a corresponding general ledger account.
The document provides examples of journal entries and explains the accounting process. It discusses how transactions are first recorded in journals before being posted to individual accounts. Debits are listed before credits in journal entries and credits are indented. Accounts record the effects of transactions by showing increases or decreases to asset, liability, equity, expense and revenue accounts.
This document provides an introduction to basic accounting terms and concepts, including bookkeeping, accounts, debits, credits, and contra entries. It then describes the three fundamental rules of accounting that apply to personal accounts, real accounts, and nominal accounts. Finally, it outlines the key steps to maintaining accounts using accounting software such as Tally, including creating ledger accounts and accounting vouchers, and generating financial statements like the trial balance, trading account, profit and loss statement, and balance sheet.
Here are the journal entries for the transactions:
Jan 1: Capital 80,000
To Cash 80,000
(Commenced business with cash)
Jan 2: Bank 40,000
To Cash 40,000
(Deposited cash in bank)
Jan 3: Purchases 5,000
To Cash 5,000
(Purchased goods by paying cash)
Jan 4: Purchases 10,000
To Lipton & Co. 10,000
(Purchased goods from Lipton & Co. on credit)
Jan 5: Cash 11,000
To Sales 11,000
(Sold goods to Joy and received cash)
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
2. Introduction
Journals are the books or primary entry.
Entry means record of a transaction or an event in the journal.
Journalizing is the first phase of the accounting process by
which transactions and events are recorded in the journal.
3. Meaning of Journal
The word journal' has been derived from French word 'Jour', which
means 'diary.
Journal is the book of original entry in which preliminary record of
both aspects of a business transaction are recorded in order in
which they arise, i.e., in chronological order.
4. Characteristics of journal
A journal is a daily accounting record.
It contains day-to-day transactions in chronological order.
Brief explanation of each journal entry is appended to the journal
entry which is called 'Narration’.
It is a basic book of original entries. After recording all the
transactions in journal these are subsequently recorded in ledger
which is the primary book of account.
In journal, total of debit column and credit column always match and
agree.
5. Advantages of Journal
It provides a date wise record of all the transactions.
Both aspects of every transaction-Debit and Credit-are recorded,
hence it ensures the observance of double entry system.
It provides all necessary information regarding a transaction.
It is a permanent record of each transaction and thus helps in
auditing.
Every journal entry bears narration which provides complete
knowledge about the transaction.
7. Carried forward (C/F) or Brought down
(B/D)
If all the transactions of journal require more than one page
for their record, total of amount column of journal is made on
each page at the end of the page and the words ‘carried
forward’ are recorded before this total amount.
On the next page in the first line when this amount of total is
recorded and the words ‘Brought down’ or ‘Brought forward’
are recorded before the total amount.
8. Types of Journal entries
Journal entries can be divided into following two types on the basis of
recording transactions :
Simple Journal Entry
Compound Journal Entry
10. Traditional Approach (English Method)
Nominal Accounts: debit all expenses and losses and credit all
revenues, incomes and gains.
Personal Accounts: debit the receiver and credit the giver
Real Accounts: debit what comes in and credit what goes out