What is Posting in Accounting? Rules, Types
What is Posting? Posting means a process in which all information in the journal is transferred to the relevant ledger accounts. There is a specific procedure to transfer these entries.…
What is Ledger in Accounting? Definition, Format
What is Ledger? Ledger is the principal book of accounts that contains all accounts covered in journal entries and in subsidiary books. All transactions are recorded in a tabular form…
What Is Journal in Accounting?
What Is Journal in Accounting? Journal is the first accounting book in which financial transactions of a business are entered for the first time. Therefore, journal is popularly known as…
What is Accounting Cycle? Steps, Example
What is Accounting Cycle? The entire process starting from the point when a business transaction occurs till it gets included in the financial statements is called the accounting cycle. The…
What is Source Documents? Importance, Maintaining
What is Source Documents? A source document refers to any original record which contains the details of and serves as proof or record of a transaction that has either been…
What is Accounting Equation? Example, Procedure of Forming
The accounting equation lays a foundation for the double-entry accounting system. The equation balances the company’s balance sheet, which means the total of the assets equals to the total of…
Accounting Standards
What is Accounting Standards? Accounting standards refer to written policy documents that encompass preparation, presentation and disclosure of accounting transactions in financial statements. In India, accounting standards are issued by…
Accounting Conventions
Accounting conventions are practices that are followed by accountants for communicating financial data. These practices are adopted in order to ensure uniformity in the preparation of financial statements. Accounting conventions…
Accounting Concepts
Accounting Concepts As you have already studied, accounting is regarded as the language of business as it is the medium of recording business transactions. The affairs of a business unit…
Nature and Scope of Accounting
The main objective of accounting is to deliver useful information to the interested users, including external and internal. In the case of external users, the necessary information is provided in…
