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Objectives and Functions of Accounting

In order to know about the objective and functions of accounting, it is necessary to know what accounting means. Once you have a fair idea about it we can discuss the objectives and functions of accounting in depth. Accounting Accounting is a process through which one can easily handle, record, summarize, report and analyze the … Read moreObjectives and Functions of Accounting

Difference between Bookkeeping and Accounting

Many utilize the bookkeeping and accounting terms reciprocally, yet the matter of the fact is that bookkeeping is a part of accounting. Moreover, accounting is a lot more analytical and extensive than bookkeeping. Bookkeeping helps in forming the base for accounting as it is just a part of accounting. While bookkeeping, on the other hand, … Read moreDifference between Bookkeeping and Accounting

What is Accounting?

Accounting shows the monetary position of a business at any point in time to any individual. Further, accounting helps in translating the workings of a firm into reports for analyzing it. Meaning of Accounting Accounting is the process of recording, classifying, summarizing, reporting and analyzing the data related to the monetary transactions. To understand the … Read moreWhat is Accounting?

Double Entry System in Accounting and Bookkeeping

Introduction Accounting is an art of identifying, recording and summarizing the financial transactions that are measurable in terms of money and analyzing the result thereafter. Further, there are two ways to maintain accounts and they are Single and Double Entry System of bookkeeping. But generally, the monetary transaction is recorded in the Double Entry for … Read moreDouble Entry System in Accounting and Bookkeeping