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Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes analyzing, summarizing and reporting these transactions to oversight regulators, agencies, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.
meaning of accounting:- The Committee on Terminology set up by the American Institute of Certified Public Accountants formulated the following definition of accounting in 1961: “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 … Read more
Difference Between Bin Card and Stores Ledger:- Bin card refers to a document which records the quantity of material received and issued by the shops. In contrast, Stores Ledger is a ledger (accounting record) which maintains the record of transit of goods in and out of stores, both in quantitative and monetary terms. Permanent and … Read more
In today’s article, we will know about the Advantages and Limitations of Financial Accounting. what are the advantages of accounting, so read today’s article completely so that you understand about the advantages of accounting. Advantages of Financial Accounting 1. Provide complete and systematic records The first advantage or advantage of accounting in any business or … Read more
Balance sheet refers to a statement that reveals the financial position of the business as on a given date. That is, the balance sheet is a description of the financial condition of the trader. In simple words, it can be said that the statement of assets, liabilities, and capital of a business or organization at a … Read more
The process of condensing and classifying the articles done in the journal is called ledger account. In this the account of money – book is kept. In Khatavahi, all the transactions are written according to the account, in which there are two columns of debit and credit. Ledger account format Dr. Cr. Date Particular J.F government office Date … Read more