A demand deposit is money kept in a bank account that can be withdrawn at any time without prior notice. Examples include balances in current accounts and savings accounts. Because it is highly liquid and easily accessible, it forms an important part of working capital and cash management.
Draft
A draft is a written order directing one party, usually a bank or customer, to pay a specified amount to another party. It is...
Double-Entry Accounting
Double-entry accounting is the system where every transaction affects at least two accounts, with total debits always equal to total credits. This creates a...
Discount on Sales or Purchases
A discount on sales or purchases is a reduction in the amount payable or receivable, usually given for prompt payment, bulk buying, or trade...
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