Basic Concepts of Accounting in Business Transactions
Accounting

Basic Concepts of Accounting in Business Transactions

Basic Concepts of Accounting in Business Transactions These concepts guide how business transactions are reported. Revenue Recognition Concept According to this concept, revenue is measured…
Accounting Period Assumption
Accounting

Accounting Period Assumption

Accounting Period Assumption The users of financial statements require review reports to know the prepared result and the financial situation of the business apprehension. Hence…
Going Concern Assumption
Accounting

Going Concern Assumption

Going Concern Assumption As per this assumption, the business will be present for a lengthy period and transactions are recorded from this point of view.…
Money Measurement Assumption
Accounting

Money Measurement Assumption

The money measurement assumption underlines the information that in accounting each worth-recording event, occurrence or transaction is recorded in terms of money. In accounting, only…
Accounting Entity Assumption
Accounting

Accounting Entity Assumption

Accounting Entity Assumption states that a business is a divide legal entity from the proprietor. In the accounts, the business’ monetary transactions are recorded only.…
Accounting Cycle
Accounting

Accounting Cycle

An accounting cycle is a entire progression of accounting procedure, that begins with the recording of trade transactions and ends with the preparation of concluding…
Importance of Book-keeping in Business Information
Accounting

Importance of Book-keeping in Business Information

Importance of Book-keeping in Business Information Permanent and Consistent Record: Book-keeping provides eternal evidence for all business transactions, replacing the recollection which fails to keep…
Functions of Accounting in Communicating Information
Accounting

Functions of Accounting in Communicating Information

Functions of Accounting in communicating information In order to complete its major purpose of communicating information to the users, accounting embraces the following functions. Identifying…
Book-keeping
Accounting

Book-keeping

Book-keeping is a division of acquaintance which tells us how to maintain documentation or record of business transactions. It is regularly routine and clerical in…
Account definition in terms of Accounting
Accounting

Account definition in terms of Accounting

Definition of an account is proof in the general ledger that is used to accumulate and store debit and credit amounts. The account is an…
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