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…
What is Accounting? Definition, Objectives, Advantages, Limitation, Process
What is Accounting? Accounting is the art of recording, classifying, summarising and analyzing business transactions and interpreting the results thereof. In accounting, only those transactions and events are recorded which…
What is Tax Audit? Definition, Advantages, Characteristics
What is Tax Audit? A tax audit is an examination conducted by a financial agency that oversees the compliance of all tax-paying entities. A tax audit may be triggered by…
What is Marginal Costing? Definition, Features, Advantages, Limitations
What is Marginal Costing? Marginal costing as understood in economics is the incremental cost of production which arises due to one-unit increase in the production quantity. As we understood, variable…
