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)
A worksheet is a multiple-column form that is used in preparing and adjusting financial statements. 3 types of the worksheet are; (1) General worksheet, (2) …
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.
AccountingWhat 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. Man is a social being. He …
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.