Accounting

Advantages of Book-keeping From the above objectives of book-keeping, the following advantages can be noted Cost-Effective: It is further cost-effective when hiring a bookkeeping overhaul…

Book-keeping Bookkeeping is the recording, on a day-to-day base, of the financial transactions and information pertaining to a business. It is that division of knowledge…

Accounting Functions in Organizations In order to accomplish its main objective of communicating information to the users, accounting embraces the following functions. Identifying: Identifying the…

Qualitative Distinctiveness of accounting information The following are the qualitative distinctiveness of accounting information: Relevance- It means that necessary and suitable information should be effortlessly…

Responsibility of accounting in the modern world The responsibility of accounting has been changing over the period of time. The modern business environment has distorted…

An asset is defined as a resource that is by a company that can be used to afford a prospect economic advantage. Any valuable thing…

Profit- Excess of revenue over expense is known as profit. Profit is what business is left with after deducting such expenses from revenue which made…

Informational Requirements of external users of Accounting There are a variety of external users of accounting who require accounting information for assessment making, asset planning…

Factors which required methodical accounting The factors that necessitated methodical accounting are given below, Transactions are documentated in financial terms- Only those contacts which can…

Revenues– Revenues are the property earned by a company’s operations and trade actions. Revenues refer to the amount received from day to day activities of…