Definition of transaction in accounting11/8/2023 There is no limit on the number of subscriptions ordered under this offer. This offer cannot be combined with any other QuickBooks Online promotion or offers. Your account will automatically be charged on a monthly basis until you cancel. For further details about QuickBooks Payroll prices see here. QuickBooks Payroll prices are not eligible for this discount. From month 4 from the date of enrolment, the price will change to the then current monthly price. Discount: For new QuickBooks customers, receive a 3 0% discount off the current monthly price for QuickBooks Self-Employed, QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 3 months of service, starting from date of enrolment.ProAdvisor Program: Please find the terms of our ProAdvisor program here.See our Terms of Service for further information. QuickBooks reserves the right to change pricing, features, support and service at any time.Nearly 8 million customers: Based on number of global QuickBooks subscribers as of July 2021.It is based on the ‘Dual Accounting Concept’ as per which every business transaction has an equal and opposite effect in minimum two different accounts This is ‘Double Entry System’ of Accounting that is typically followed when preparing books of accounts of a business. On the other hand, it also impacts cash available with the business, reducing it by Rs 1 Lakh. Thus, such a transaction impacts the stock of raw material, thereby increasing the same by 1,000 units. In other words, raw material is what comes into the business and cash worth Rs 1 Lakh goes out of the business. In this transaction, Kapoor Pvt Ltd receives raw material in return of cash worth Rs 1 Lakh. For instance, Kapoor Pvt Ltd purchases 1,000 units of raw material worth Rs 1 Lakh for its business. In other words, each transaction involves at least two accounts when recorded in the books of accounts. Financial Accounting is based on ‘Principle of Duality’ which states that each business transaction recorded in books of accounts has a two fold effect.
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