Accounting

Invoice or Bill for the recording of transactions Invoice is a word used by vendors/suppliers when they want to assemble funds from their consumers. When…

Classification of Accounts Generally, there are two types of Accounts, Personal Accounts and Impersonal Accounts; are employed in every sector of business transactions. Personal Accounts:…

Advantages of Approaches to Recording in Accounting Transaction The advantages of this system are as follows: Scientific system: This is the merely systematic method of…

Approaches to Recording in Accounting Transaction There are two approaches for recording a transaction. Accounting Equation Approach Traditional Approach Accounting Equation Approach This approach is…

Double Entry System The double entry system of accounting means that each trade transaction will engage two accounts (or more). It is an accounting method…

Accounting Standards Accounting Standards summarize the definite measures necessary to create reliable and efficient reports. Their reason is also to get better the excellence and…

Modifying Principles of Accounting  To build the accounting information valuable to different interested parties, the fundamental assumptions and concepts conversed before have been customized. If…

Basic Concepts of Accounting in Business Transactions These concepts guide how business transactions are reported. Revenue Recognition Concept According to this concept, revenue is measured…

Accounting Period Assumption The users of financial statements require review reports to know the prepared result and the financial situation of the business apprehension. Hence…

Going Concern Assumption As per this assumption, the business will be present for a lengthy period and transactions are recorded from this point of view.…