Accounting

A drawing account is an accounting record preserved to follow money withdrawn from a company by its owners. It is the sum of cash or…

Capital can refer to funds raised to maintain a particular business or project. It is the quantity invested by the owner/s in the business. This…

Assets are the properties of every description belonging to the business. Assets are sometimes defined as resources or things of value that are owned by…

Transactions are those activities of a business, which involve the transfer of money or goods or services between two persons or two accounts. It is…

Proprietor A person who owns a business is called its proprietor. Proprietor is an individual owner of a business that is not incorporated. This person…

Distinction between Book-keeping and Accounting In general the following are the differences between book-keeping and accounting. Book-keeping Scope: Recording and maintenance of books of accounts.…

Users of Accounting Information The fundamental purpose of accounting is to make available information which is helpful for persons and groups inside and outside the…

Branches of Accounting Augmented level of business operations has made management purpose more difficult. This has given rise to particular branches in accounting. The key…

Meaning of Accounting Cycle An accounting cycle is an absolute chain of accounting procedure, which begins with the recording of business transactions and ends with…

Accountancy, Accounting and Book-keeping Accountancy refers to a methodical knowledge of accounting. It explains “why to do” and “how to do” of different features of…