Double Entry vs Single Entry Double Entry system: Double entry system can be define as the system under which the double effect of every transaction is recorded,it means that all cash and credit transaction of the business are recorded indicating the two-fold aspect of each such transaction, for e.g when merchandise is sold for cash, […]
Basic Functions of Accounting
Basic Functions of Accounting: Functions of Accounting involves the creation of financial records of business transactions, flows of finance, the process of creating wealth in an organization, and the financial position of a business at a particular moment in time. The progress & reputation of any business big or […]
What are the Main Branches of Accounting?
Branches of accounting mean that the types associate with accounting, we say that fields of accounting are the branches of accounting. Some of the main branches of accounting are explained as under. Main Branches of Accounting 1.Financial Accounting: This accounting field concerns with general accounting system.It is engaged in recording the business transaction in books and preparation of periodical […]
Difference between Bookkeeping and Accounting
Difference between Bookkeeping and Accounting Most of the people are confused that bookkeeping and Accounting are the alternative terms. These are related terms but not alternative at all. The “Book” means the “books of Accounts” and “keeping” means maintaining them in proper form and order. Hence the book-keeping is mainly concerned with the recording […]
What is Financial Accounting
What is Financial Accounting? Financial Accounting is very common now-a-day, but people did not know actually what financial accounting is, below we try to explain ” what is a financial accounting ” in clear and easy way. Financial Accounting: Financial accounting is the art or science of recording, classifying and summarizing the business transaction in […]