Functions of Accounting

Functions of accounting are related to those statements which provide information of economic entity mainly measurable regarding money that will be used in deciding for …

Worksheet: Definition, Types, Preparation Process (Explained)

Worksheet is a multiple column form that is used in preparing and adjusting financial statement. There are 3 types of the worksheet; (1) General worksheet, (2) Detailed worksheet, (3) Audit worksheet. For preparing accounting worksheet you must follow 8 Simple Steps to verify accounting information accuracy before preparation of financial statements. Prepare financial statements from a worksheet is relatively easy because all necessary accounting information is properly presented and structured in the worksheet.

GAAP for Accounting Rules, Principles, Assumptions

GAAP are rules of action which are derived from experience and practice and they prove useful and become Generally Accepted Accounting Principles.

Scope of Accounting in Business and Personal Life

The scope of Accounting is wide and extends in business, trade, government, financial institutions, individuals and families and every other arena

4 Steps of Developing Accounting System for Businesses

There are 4 steps of developing accounting system for collecting and processes financial information of any business in an efficient way.

Users of Accounting Information (Internal and External Users Explained)

Users of accounting information are internal and external. External users are creditors, investors, government, trading partners, regulatory agencies, international standardization agencies, journalists and internal users are owners, directors, managers, employees of the company.

What is the Modern Definition of Accounting

Accounting is a process of identifying and measuring quantitative financial activities and communicates these financial reports to the decision makers.

13 Core Objectives of Accounting

Objectives of accounting in any business are; systematically record transactions, sort and analyzing them, prepare financial statements, assessing financial position, and aid in decision making with financial data and information about the business.

5 Accounting Principles

5 accounting principles are; revenue recognition principle, historical cost principle, matching principle, full disclosure principle, and objectivity principle.

Accounting Event – How Events are Treated in Accounting

An accounting event is a financial event that would change the account balances in financial statements of a business. Any event that brings financial changes in the company and needs to record in the book.