Accounting Principle

Cheque is a vital negotiable tool which can be transferred by simple hand delivery. It is used to craft secure and suitable payment. It is…

Source Documents for the recording of transactions Source documents are the proofs of business transactions which present information about the nature of the transaction, the…

Cash Memo for the recording of transactions Cash Memo is a commercial document issued by the seller to the purchaser when cash is received as…

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…