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,
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 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
Basic Principles of Accounting and Golden Rules of Accounting. GAAP (Generally Accepted Accounting Principles) is the framework,rules and guidelines of the financial accounting profession with
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: 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 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?: By the heading, you may get confused with what this article is exactly about? Let me give you some background
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: 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 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:Accounting has universal application for recording transactions and events and presenting suitable information to aid decision-making regarding any type of economic activity ranging
IndAS 23 Borrowing Costs: It is quite common where an entity borrows funds for meeting its various business needs like the acquisition of the building,
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:Acontingent assetis a potentialassetassociated with acontingentgain. Unlikecontingentliabilities andcontingentlosses,contingent assetsandcontingentgains are not recorded in accounts, even when they are probable and the
Systems of Accounting, Basis of accounting (Cash Basis and Accrual Basis).Difference between Accrual Basis of Accounting and Cash Basis of Accounting. Cash Basis of accounting:
How to Prepare Final Accounts? Process for Finalize Accounts: How to Prepare Final Accounts and Final Statements. How Final Accounts are Made?, Find Complete details for
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: 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, check out difference between capital Expenditure and Revenue Expenditure. Capital Expenditure: This represents expenditure incurred for the purpose
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: Accounting is used by business entities for keeping records of their monetary or financial transactions. A businessman who has invested money in
Bills of Exchange and Promissory Notes. Check Difference Between Bills of Exchange and Promissory Notes. Key Difference Between Promissory Notes and Bills of Exchange. Meaning
An accrued liability is a current liability and it arises as a result of work performed and acknowledged by CSC but for which invoices are
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: Accounting is of primary importance to the proprietors and the managers. However, other persons such as creditors, prospective investors, etc. are
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 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: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: 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!.Extensive rules and procedures alone are not enough to ensure appropriate conduct in the work place—the financial crisis of