We know that when demand and supply curves shift, prices adjust to maintain a balance between the quantity of a good demanded and the quantity supplied. However, if prices did not adjust to changes in demand and supply quantity, this balance could not be maintained.| Banking School
Supply is defined as the specific product available to the market for consumption. Demand is the amount of a specific product a consumer can purchase at each price. The supply and demand are deeply correlated. These two concepts of supply and demand are tangled to create market equilibrium which defines the availability of goods in the market and the prices they are sold for.| Banking School
Reconciliation is the process of comparing transactions that have been recorded internally against monthly statements from external sources like banks to see if there are differences in the records and to correct any discrepancies. Further, reconciliation involves resolving any discrepancies that may have been discovered.| Banking School
Reconciliation is an accounting procedure that compares two sets of records to check that the figures are correct and in agreement.| Banking School
The adjusted cash balance is calculated by taking the ending cash balance from the bank statement and adding any outstanding deposits while deducting outstanding cheques.| Banking School
No, a passbook is not a mirror image of a cash book. Though passbooks and cash books provide related financial information, they are not mirror images of each other.| Banking School
A Bank Pass Book refers to a Savings account Pass Book. It is issued by banks for a running or operating bank account. But practically, Pass Book is used to be issued for Current Account for limited transaction accounts, Recurring Deposit Account, Small loan accounts. The transactions appearing on a passbook is a conclusive evidence of banking transactions.| Banking School
As the name says, cash transactions related to cash received or payments made by an organization are only recorded in a Cash Book. This could include money that is received, paid out, and even deposited into or withdrawn from a bank account. | Banking School
Accounting standards in the USA are a set of accounting guidelines known as Generally Accepted Accounting Principles (GAAP). These standards govern how companies in the United States record and present their financial statements to regulatory authorities, investors, and all stakeholders.| Banking School
Accounting standards in India govern how companies record and present their financial statements to regulatory authorities, investors, and all stakeholders. The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949), to regulate and develop the profession of Chartered Accountants in the country. It formulates and issues accounting standards in India.| Banking School
The Italian Luca Pacioli, recognized as The Father of accounting and bookkeeping was the first person to publish a work on double-entry bookkeeping, and introduced the field in Italy. The modern profession of the chartered accountant originated in Scotland in the nineteenth century. The main purpose of accounting principles is to guarantee that a business’s financial recordings and statements are consistent and to the point. | Banking School
The days of manual bookkeeping and ledgers are long gone as emerging technologies in accounting include AI-driven automation, blockchain for secure transactions, cloud-based accounting software, data analytics, and robotic process automation for streamlining repetitive tasks. These emerging technologies have revolutionized traditional accounting practices. Automation is allowing accountants to eliminate or streamline tedious manual tasks like data entry, reconciliation, and report generation ...| Banking School
Perhaps the concept of accounting has been around in the world in one form or another for centuries. When a barter system existed in the trading system the system of recording goods and services transactions must have been started.| Banking School
Supply is defined as the specific product available to the market for consumption. Demand is the amount of a specific product a consumer can purchase at each price. The supply and demand are deeply correlated. These two concepts of supply and demand are tangled to create market equilibrium which defines the availability of goods in the market and the prices they are sold for.| Banking School
International Monetary Fund (IMF) is an important financial agency of the United Nations and an international financial institution founded by 190 member countries, with headquarters in Washington, D.C. Initially, IMF was created in 1945 along with the International Bank for Reconstruction and Development at the Conference of 44 Nations held at Bretton Woods, New Hampshire,…| Banking School
Regional Economic cooperation refers to an agreement between groups of countries in a geographic region, to promote economic cooperation by reducing trade barriers and non-tariff barriers to the free flow of goods, services, and factors of production between each other.| Banking School
Equilibrium is the state in which market supply and demand balance each other, and prices become stable. Generally, an over-supply of goods or services causes prices to go down, which results in higher demand—while an under-supply or shortage causes prices to go up resulting in less demand.| Banking School
Demand schedules and Demand curves are tools used to summarize the relationship between quantity demanded and price.| Banking School
The World Bank was established in 1944 in the name of the International Bank for Reconstruction and Development (IBRD) to help rebuild Europe and Japan after World War II. The Bank began operations in 1946, it had 38 members. At present this international development organization has members of 187 countries.| Banking School