Functions of Accounting, Accounting Functions in an Organization
Functions of Accounting: There are certain users of accounts. Earlier it was viewed that accounting is meant for the proprietor or owner of the business,
Accounting India
Accounting Concept: Types of accounting concepts, Analysis
Accounting Concept: Accounting concepts are defined as basic assumptions on the basis of which financial statements of a business entity are prepared. They are used as
Classification of Errors, Types of Errors (Clerical Errors)
Classification of Errors or Types of Errors: Every concern is interested in ascertaining its true profit and financial position at the close of the trading
Fundamentals of Accounting, Introduction to Financial Accounting
Fundamentals of Accounting: Every individual performs some kind of economic activity. A salaried person gets salary and spends to buy provisions and clothing, for children’s
Capital Expenditure, Meaning with example of Capital Expenditure
Capital expenditure is that expenditure which results in acquisition of an asset or which results in an increase in the earning capacity of a business.
Should Accountants learn to Code?: Guide for CA, CS, & CMA
Should Accountants learn to Code?: By the heading, you may get confused with what this article is exactly about? Let me give you some background
Stages of Accounting | Accounting Cycle Steps | How Many Stages?
Stages of Accounting: As per this definition, accounting is simply an art of record keeping. The process of accounting starts by first identifying the events
Accounting Cycle, Steps / Phases of Accounting Cycle: Detailed
Accounting Cycle: When complete sequence of accounting procedure is done which happens frequently and repeated in same directions during an accounting period, the same is
Subsidiary Books: Introduction, Advantages of Subsidiary Books
Subsidiary Books: Introduction and Advantages of Subsidiary Books. In a Business, most of the transactions generally relate to receipts and payments of cash, sale of
Branches of Accounting, Types of Accounting, Many Branches
Branches of Accounting: Accounting has universal application for recording transactions and events and presenting suitable information to aid decision-making regarding any type of economic activity ranging
Capital Losses and Revenue Losses, Detail of Capital and Revenue Losses
The loss suffered by a company on the sale of fixed assets, The loss suffered by the business in the ordinary course of business is
Contingent Assets and Contingent Liabilities – In Detailed
Contingent Assets and Contingent Liabilities: A contingent asset is a potential asset associated with a contingent gain. Unlike contingent liabilities and contingent losses, contingent assets and contingent gains are not recorded in accounts, even when they are probable and the
Systems of Accounting, Basis of accounting (Cash & Accrual Basis)
Systems of Accounting, Basis of accounting (Cash Basis & Accrual Basis). Difference between Accrual Basis of Accounting and Cash Basis of Accounting. Cash Basis of accounting:
Accounting Principles, Accounting Concepts and Conventions
Accounting Principles : Accounting is a language of the business. Financial statements prepared by the accountant communicate financial information to the various stakeholders for decision-making
Capital Profit and Revenue Profit, (check out detailed difference)
Capital Profit and Revenue Profit: Capital profit which is earned on the sale of the fixed assets, The profit which is earned during the ordinary course
Comparison between Capital Expenditure and Revenue Expenditure
Comparison between Capital Expenditure and Revenue Expenditure, check out difference between capital Expenditure and Revenue Expenditure. Capital Expenditure: This represents expenditure incurred for the purpose
Features of the Ledger Account, The Features of Ledger Account
Features of the Ledger Account: After recording the transactions in the journal, recorded entries are classified and grouped into by preparation of accounts. The book
Definition of Accounting, What is Accounting, Accounting Meaning
Definition of Accounting: Accounting is used by business entities for keeping records of their monetary or financial transactions. A businessman who has invested money in
Capital Receipts and Revenue Receipts, Check out Major Difference
Capital and Revenue Receipts: Capital receipts comprise of payments or contributions into the business by the proprietor, partners or companies towards the capital of the firm
Users of Accounting Information, who can use accounting info
Users of Accounting Information: Accounting is of primary importance to the proprietors and the managers. However, other persons such as creditors, prospective investors, etc. are
Role of Accountant : Maintenance of Books of Accounts by Accountant
Role of Accountant: An accountant performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company’s financial operations.
Double Entry System Definition, Advantages of Double Entry System
Double Entry System of book-keeping has emerged in the process of evolution of various accounting techniques. It is the only scientific system of accounting. According
Petty Cash Book, Imprest System of Petty Cash (Advantages)
Petty Cash Book: Payments in cash of small amounts like traveling expenses, postage, carriage etc. are petty cash expenses. These petty cash expenses are recorded in
Suspense Account, What Is a Suspense Account? with Examples
Suspense Account: When a trial balance does not agree, efforts are made to locate errors and rectify them. However, if reason for disagreement of trail
Should Professional Accountants Care about Culture? Yes!
Should Professional Accountants Care about Culture? Yes!. Extensive rules and procedures alone are not enough to ensure appropriate conduct in the work place—the financial crisis of
Rectification of Errors, Stages of Errors, Need for Rectification
Rectification of Errors: Every concern is interested in ascertaining its true profit and financial position at the close of the trading year. But inspite of the
Difference between Capital Receipts and Revenue Receipts
Difference between Capital Receipts and Revenue Receipts: Receipts which are not of revenue nature are capital receipts.The Receipts which are not received now and then
Accounts and its Classification, Types of Accounts (An Analysis)
Accounts and its Classification (Accounts Classification): The business transactions are recorded in accounts. An account is an individual record of a person, firm, or thing, an
Revenue Expenditure, What is Revenue Expenditure with Example
Revenue Expenditure: Expenses whose benefit expires within the year of expenditure and which are incurred to maintain the earning capacity of existing assets are termed as
5 Key Factors to Consider While Choosing an Accounting Software
5 Key Factors to Consider While Choosing an Accounting Software. How to Choose Accounting Software. Do you run a small business? Are you planning to