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Financial Accounting by P. C. Tulsian

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APPENDIX II

IMPORTANT DISTINCTIONS

Distinguish between the following:

  1. Book Keeping and Accounting.
  2. Accrual Basis of Accounting and Cash Basis of Accounting.
  3. Books of Original Entry and Ledger.
  4. Trade Discount and Cash Discount.
  5. Commission and Discount.
  6. Simple Petty Cash System and Imprest System of Petty Cash.
  7. Errors of Omission and Errors of Commission.
  8. Error of Principle and Clerical Errors.
  9. Manufacturing Account and Trading Account.
  10. Trading and Profit and Loss Account and Balance Sheet.
  11. Trial Balance and Balance Sheet.
  12. Fixed Assets and Current Assets.
  13. Tangible Assets and Intangible Assets and Fictitious Assets.
  14. Contingent Asset and Contingent Liability.
  15. Accrued Income and Unaccrued Income.
  16. Prepaid Expenses and Outstanding Expenses.
  17. Capital ...

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