Basic Accounting Concepts

Meaning and Objectives of Accounting

  • Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money; transactions and events which are, in part at least, of a financial character, and interpreting the results thereof.
  • Accounting is an art as well as a .... Read More

Basic Accounting terms:Income & Expenses

  • Accounting terminology is the language of accounts which serve as a means of communication of business activities to the users.
  • Income refers to the profit earned during a period. In other words, income is the difference between revenue and exp .... Read More

Basic Accounting terms:Assets & Liabilities

  • Accounting terminology is the language of accounts which serve as a means of communication of business activities to the users.
  • Assets refer to anything which is in the possession or is the property of business, which will enablea business ente .... Read More

Basis of Accounting

  • Cash Basis of Accounting is a system of accounting in which entries in the book of accounts are recorded only when cash is received or paid. Credit transactions are not recorded till cash is actually received or paid for them. Income or profit is calculated with the help .... Read More

Accounting Concepts

  • Generally Accepted Accounting Principles (GAAP) refers to the rules or guidelines adopted for recording .... Read More

Accounting Conventions

  • Accounting Conventions refer to customs or generall .... Read More

Business Transactions

  • A business transaction is an economic activity of the business that changes its financial position. A business transaction is a transaction that involves an economic activity, involves either inflow or outflow of goods, services or cash, involves changes .... Read More

Double Entry System

  • Double Entry System is a complete and scientific system of accounting in which both the aspects of a transaction are recorded. Every business transaction has a two-fold effect.
  • It is this recording of the two-fold effect of every transaction th .... Read More

Accounting Equation

•    Accounting equation signifies that the assets of a business are always equal to the total of capital and liabilities, i.e., Assets = Liabilities + Capital.
•    Accounting equation is based on the dual aspect concept .... Read More

Accounting Standards & IFRS

  • Accounting Standards are written statements of uniform accountingrules and guidelines or practices relating to measurement, valuation and disclosure.
  • Accounting standards are developed by the Accounting Standards Board constituted by the .... Read More

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