Explanation

Financial accounting is the process by which an organization's revenue, receivables and expenses are collected, measured, recorded and finally reported into a financial statement.

Explanation

Apportionment of cost refers to the distribution of various overhead items, in proportion, to the department on a logical basis. 

Explanation

Depreciation helps to tie the cost of an asset with the benefit of its use over time.

Explanation

Nominal capital is the aggregate par value of those shares that have been issued by a corporation.

Explanation

 Right shares are those shares which are issued after the original issue of shares but having an inherent right of the existing shareholders to subscribe to these shares in proportion to their holding.

Explanation

A purchase book is a special purpose subsidiary book prepared by a business to record all credit purchases.

Explanation

A crossed check is any check that is crossed with two parallel lines, either across the whole check or through the top left-hand corner of the check.

Explanation

Preceding working day the bill will mature if the date of maturity of a bill is a holiday, where the date of maturity is a public holiday, the instrument will become due on the preceding business day.

Explanation

Reserve Capital is defined as a part of subscribed uncalled capital, which will not be called up until and unless the company goes into liquidation.

Explanation

Petty cash book is used to record the day to day small value transactions.

Balance lying in petty cash book is as good as cash balance.

Cash is an asset for the business.