Income Statement are 2 types, Single step income statement and Multiple step income statement for finding net profit or loss an accounting period.
2 types of Cash Book for recording cash transactions. General cash book is subdivided in Single column, double column and treble column cash book.
Two types of Petty Cash Book maintained by small or large companies for easy, quick and accurate recording of all cash transactions.
3 Basic principles of accounting information system are cost effectiveness, useful output and flexibility for efficient and effective accounting information system.
Among over 18 differences, the main difference between journal and ledger is that Journal is subsidiary book and ledger is permanent and final book of accounts.
Account is an element in an accounting system that is used to classify and summaries measurements of business activity.
Accounts must be properly credited and debited for following Double Entry System.
The uses, acceptability, application, advantages and social position of Accounting have increased to the credit of the image of Accounting.
Four basic assumptions are part of GAAP, accounting principles and the double entry system. The basic assumptions are like the pillars on which the structure of accounting is based.
In accounting, events which bring changes in the financial position of a person or an organization and for which keeping of accounts is needed are recognized as financial events