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…
Double Entry System of Accounting
What is Double Entry System of Accounting? Double-entry bookkeeping, in accounting, is a system of bookkeeping where every entry to an account requires a corresponding and opposite entry to a…
Branches of Accounting
Nowadays, organisations are expanding rapidly. The pace of economic development can be primarily attributed to technological advancements. With an increase in the complexity of operations, the scope of management has…
Classification of Accounts
Financial accounting has undergone a lot of changes from the time it was initiated in India by the British. Every transaction has to be recorded and its effect is taken…
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…
