If you’re a consultant or your business is an agency that bills its clients by the hour, you want accounting software that allows you to track and bill your time or integrates with the time-tracking program you already use. Current Liabilities are those which will be payable out of current assets within the next accounting period usually a year. Long term liabilities are those awhich are payable only after a long period of time say five to ten years. Fixed liabilities are those liabilities which are payable only on the termination of the business. It is a way of assessing the assets, liabilities and cash flow, or the future of an entity for all current and future investors. Single Entry System is a system which records only the personal and cash aspects of the business. There are three kinds of rules for double entry system. There are three distinct stages are includes a complete system of double entry.

But the single entry system those statements cannot prepared directly. But in the case of Single Entry System, only single aspects is recorded. Under Double Entry System of Accounting, a trial balance can be prepared to check the accuracy of accounts While in the single entry system, it cannot prepare the trial balance. Double entry system of accounting is based on the dual aspect concept. Under Double Entry System of Accounting, the Trading, profit and loss account and balance sheet can be prepared directly. Under Mercantile system of accounting, all the cash transactions and credit transactions of the business are recorded in the books of accounts. In Double Entry System of Accounting, For every debit aspect will have an equal amount of credit aspect. Under the cash system of accounting, only actual cash transitions are recording in to the account. They are Cash System of accounting and Mercantile system or Accrual system of Accounting.

Current assets are those assets which can be converted in to cash or can be used for the process of production of goods and services. Liquid assets are those assets which are in the form of cash or can be easily converted in to cash. Cash Flow: The movement and timing of money that comes in and out of the business. This is the system which all the commercial business organizations are follows. There are mainly two kinds of system of accounting for recording business transactions. It includes two aspects, they are Debit aspects and Credit aspects. But in the case of Single Entry system, there will have a debit without a corresponding credit and vice versa. But in the case of Single Entry System, there are personal and cash accounts only. 6. Usually, it shows a debit balance which represents cash in hand and at bank. On the left hand side of the balance sheet shows the liabilities and capital and the right hand side of the balance sheet shows all the assets. This includes the credit balance of personal accounts, real account and the owners capital.

These are assets which have no real value and are losses for the business. Looking up a value by using the closest match . These are assets the existence, value and ownership of this is depends on the occurance and non occurance of a specified act or an uncertain future event. Contingent liability is one which is not an actual liability but it will become an actual on the occurance of some future uncertain event. Fixed Assets are those Assets which are acquired and held permanently and is used for the future with the intention of earning profits. The assets are the valuable things which owns the business. Licensed professional such as an attorney, agent who is enrolled or certified public accountant or unlicensed tax preparation business can also prepare tax at tax return preparation service in Montreal. These web servers are located remotely and managed online by cloud hosting service providers who operate client business online with greatest security and data protection. Cloud based applications can be accessed anytime anywhere on any device in the world. Generally the book can be navigated as easily any PDF. This is the most common system of book keeping used for recording every business transactions.