Accounting Principle

Branches of Accounting Augmented level of business operations has made management purpose more difficult. This has given rise to particular branches in accounting. The key…

Meaning of Accounting Cycle An accounting cycle is an absolute chain of accounting procedure, which begins with the recording of business transactions and ends with…

Accountancy, Accounting and Book-keeping Accountancy refers to a methodical knowledge of accounting. It explains “why to do” and “how to do” of different features of…

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…