Define Economic

May 20th, 2015
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Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"),

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SINGLE ENTRY BOOK KEEPING ANDDOUBLE ENTRY BOOK KEEPINGSINGLE ENTRYSINGLE ENTRY BOOK KEEPINGFEATURES It is simple All transactions are recordedonly once No credit and debit sideLIMITATIONS It is not possible to understandthe impact of varioustransactions in the business Not possible to understand theexpenses, income or profitquickly Hence this system is not used forbusiness purpose. FORMATDOUBLE ENTRY BOOK KEEPING Every transaction has two sides, one debit side and othercredit side Every transaction is entered two times, one on debit side andthe other on credit side Debit or Dr is recorded on left hand side and credit or Cr isrecorded on right hand side Every transaction of business is recorded on the same day asit takes place in a book called Journal Journal is the Primary and Original Record of bookkeepingand prepared in chronological order. (contd) From Journal, all transactions pertaining to oneAccountis entered in a book called LEDGER eg cashaccount ledger, rent account ledger etc Ledger is the second record of book keeping. The entries made in different Ledgers are checked bymaking a TRIAL BALANCE Financial Statements like Profit and Loss Statement,Balance Sheet etc are prepared from Ledger (contd) Double Entry System of book keeping providesa clear picture of all transactions It facilitates financial monitoring and control. T

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