Month: July 2020

Basic Concepts of Accounting

Basic Concepts of Accounting Basic concepts of accounting are the fundamental ideas & basic assumptions which refers to the theoretical and practical practice of financial accounting and rules for all accounting activities developed by the accounting professionals. Below mentioned is the list of all accounting concepts. Business entity concept Money Measurement concept Going Concern Concept …

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Terms of Accounting

Basic Terms of Accounting Accounting describes and analyzes bulk data of a business through recording, measurement and summarizing to prepare detailed reports and statements which help the management to know the actual financial position of a business. In accounting there are a plenty of technical terms used. It is important to know the meaning of …

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Branches and Objectives of Accounting

Branches of Accounting Various branches of accounting exist according to the economical development and technological advancements. Information needed by the internal users (Management and directors) and external users (Shareholders, creditors etc.). These accounting branches help to form reports and information in a different manner for different user. The three main branches of the Accounting are: …

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Introduction to Accounting

Introduction to accounting Over the decades accounting is known for the financial record keeping function of an accountant. But in this era as the business environment is rapidly changing, accountant needs to reassess their roles and functions within the society and in the organization. Accountants are now giving relevant information for decision making as a …

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Share Capital of a Company

Share Capital of a Company Share capital means the amount contributed by shareholders. As we know a company being an artificial person cannot generate own capital which has necessarily to be collected from several individuals. These Individuals/persons are known as shareholders of the company. It is impossible to open a separate capital account for each …

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Kinds of Companies

Kinds of Companies Companies can be classified either on the basis of number of members or on the basis of the liability of its members. Companies can be classified into three types of companies on the basis of liability of its members: i. Companies Limited by Shares In this case, the liability of a company’s …

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