About Bases of Accounting?
Bases of accounting refers to the plan under which revenues and expenses. So, they are recognize in the financial statements of a business. Moreover, a business validity revenue when earns and …
Accounting Standards (AS)
Accounting standards (AS) are rules and guidelines set up by the governed bodies, like FASB and IASB. So, it to keep accounting practices consistent and understandable across all companies and industries. Nature of …
International Financial Reporting Standards
What is the International Financial Reporting Standards (IFRS) International Financial Reporting Standards (IFRS)set basic decides so fiscal reports can be predictable, straightforward and similar around the globe. IFRS are issued …
Qualitative Characteristic
What is Qualitative Characteristic? Qualitative Characteristic are attributes that makes the accounting information useful to users. Therefore, the Qualitative Characteristic are:- 1) Reliability: Reliability is depict as one of the …
System of Accounting?
The system of accounting records transaction in the books of account are two namely:- Double Entry System Single Entry System Double Entry System of Accounting Double entry system of bookkeeping …
Branches of Accounting
What is Branches of Accounting? Branches of Accounting: The changing business outline through centuries has given rise to specialized branches of accounting. So, it could serve to the changes requirements. …
Accounting Information
Accounting is an art as well as science. Art is the technique which helps us to achieve our desired objectives.Therefore it helps us in know about the profitability and financial …
What is Book-Keeping?
Subsequently book-keeping is a part of accounting being a process of record of financial transactions and events in the books of accounts . Therefore, Book keeping involves: Identify financial transaction …
Introduction To Accounting
Accounting:“Bookkeeping is the specialty of chronicle, arranging and outlining in a noteworthy way and regarding cash; exchanges and occasions which are, to some extent in any event, of a monetary …
What is the Partnership business?
Partnership business: A partnership is an organization of course of action where parties, known as colleagues, consent to coordinate to propel their common advantages. The accomplices in an association might …