Category: 01) Financial Accounting

The double entry system of bookkeeping is said to have revolutionized growth in modern business. It is only because businesses Read more…

What is Single Entry System? Single entry accounting systems record only one side of every transaction. This happens because they Read more…

Cash Basis of Accounting Cash Basis of Accounting uses receipts and payments of cash to record incomes and expenses. Therefore, Read more…

Following are the basic fundamental principles of Accounting: Monetary Unit Accounting needs all values to be recorded in terms of Read more…

The Problem with Debit Credit Rules The system of debit and credit is right at the foundation of double entry Read more…

Debits and credits are the building blocks of the double entry accounting system. Many accounting students find the usage of Read more…

The entity concept separates the concerns of the owners from the business. An extension of the same concept is the Read more…

Businesses may all look the same when you look at the building in which they operate, the employees they hire Read more…

The entity concept is one of the central tenets of accounting. An understanding of the same is therefore of paramount Read more…

Financial reporting is used by a wide variety of users for a wide variety of purposes. For this reason it Read more…

Although accounting may be heralded as being the language of the business, it is definitely not error free. This has Read more…

Every activity that a business firm does must be done for a reason and accounting is no exception. Accounting helps Read more…

One can never really understand a subject, unless they know where it came from. Therefore, a short history of the Read more…

Accounting has been hailed by many as the “language of business”. There are many quotations like “A pen is mightier Read more…

01) Financial Accounting