Bookkeeping and Accounting Process
The Bookkeeping and Accounting ProcessThe bookkeeping process refers primarily to recording the financial effects of financial transactions only into accounts. The difference between manual and any electronic accounting system is the time delay between the recording of the financial transaction and posting it in the concerned account. This delay is absent in electronic accounting systems […]
” Accounting All notes NTA UGC NET Paper 2″
Accounting All notes NTA UGC NET Paper 2 Accounting is a prerequisite of finance. Finance is a vast subject of study and knowledge of accounting serves as a ground for it. Knowledge and use of accounting information is key factor in any business undertaking. Just as there are various terminologies in medicine, which one has […]
Functions & Users of Accounting Information
https://www.youtube.com/watch?v=ZOB6ut6Y-_Y Functions of Accounting Maintaining systematic records: The basic function of accounting is to maintain proper records of transactions that take place in chronological order. These records provide a base analysis and decision-making. It consists of recording in the original/subsidiary books of entry, posting to ledger, preparation of trial balance and final accounts. Meeting legal […]
Terminology of Financial Accounting, Documents, Responsibility, Conventions
https://www.youtube.com/watch?v=Y_Gyfdofr24&list=PLuEkoncK3CJer3-gZFw8G1iU4Bx1xpIaz Terminology of Financial Accounting Event: It a process or part of process that occurs at a particular moment and has a definite place of occurrence. Events are the cause of external transactions. Transaction: It refers to any act of the business that changes the financial position of the business unit. Debit: It is the […]
Bookkeeping & The Double Entry System Accounts
Bookkeeping The process of recording financial transactions in the books of accounts is called as bookkeeping. These transactions include sales, purchases, income and payments by an individual or organisation. Bookkeeping should not be confused with accounting. Accounting is the process of recording, classifying, summarising, analysing, interpreting financial transactions and communicating the results thereof to the […]
