logo
icons
Results 1 - 10 of 456 Page 1 of 46
Results per-page: 10 | 20 | 50 | 100

Fundamentals of Accounting | Accounting Basics

Posted on: September 1, 2021 | Last modified on: July 27, 2022

What is accounting? Key objectives of accounting Accounting process and steps Key accounting reports How accounting software helps businesses? What is accounting? To understand the fundamentals of accounting, you must comprehend the definition of accounting. Accounting is consolidating the financial transactions of a company using a systematic approach. It involves recording, analysing, reporting, and retrieving financial transactions when required. Accounting is mandatory for legal reasons, taxes, and to understand business health. Accounting ensures that every business transaction is accounted for and if you need to pull out information about any expense you can do so with ease.  Accounting can be…

Accounting Principles

Posted on: November 19, 2019 | Last modified on: September 13, 2022

What is Accounting Principle? Conditions of accounting principles Accounting Principles Spectrum - A diagrammatic representation Types of accounting principles Accounting conventions Accounting is an integral part of every business regardless of business size. With modern day business requirements, business and accounting are simply inseparable. By recording all the financial transaction, accounting helps in determining the financial performance of the business by preparing financial statements. These financial statements are used by both internal stakeholders as well as external like investors, tax authorities, regulators, banks etc. Now imagine, if each business prepares the financial statement in their own way, we all will have…

Accounting Equation – Definition, Formula and Examples

Posted on: December 2, 2019 | Last modified on: February 14, 2023

Accounting Equation – Definition Accounting Equations Rules  Accounting Equation Fundamentals  Types of Accounting Equation and Formulae correlation  Accounting Equation Examples What is accounting equation? The accounting equation summarizes the essential nature of double-entry system of accounting. Under which, the debit always equal to credit, and assets always equal to the sum of equities and liabilities. Accounting equation can be simply defined as a relationship between assets, liabilities and owner’s equity in the business. Accounting Equations Rules The accounting equation connotes two equations that are basic and core to accrual accounting and double-entry accounting system. The following are two basic rules of accounting…

Accounting Methods – Definition and Types

Posted on: December 3, 2019 | Last modified on: April 19, 2022

Accounting Methods - Definition Why choose an accounting method? Can an Accounting Method once followed be changed? Type of Accounting Methods Accounting Methods - Interesting Facts around the globe Accounting Methods - Definition An accounting method is defined as a means to record when income is received and expenses are paid so that profit can be determined for a specific time period, referred to as the accounting period. Following the accounting methods, a business measures its own success and by which the tax authorities can determine taxable income. But in most of the cases, the tax law restricts the choice…

Accrual Basis of Accounting and Accrued Expenses

Posted on: December 5, 2019 | Last modified on: April 25, 2023

What is Accrual Basis of Accounting? How Does Accrual Basis of Accounting Works? Features of Accrual Basis of Accounting What is Accrued Expenses Accrued Expenses Recognition Rules Examples of Accrual Basis of Accounting and Accrued Expenses Differences Between Accrual Basis of Accounting and Cash Accounting One of the fundamental accounting assumptions associated with the preparation and presentation of financial statements is the accrual basis of accounting. The following are three accounting foundations that are used by the business. Accrual Basis of Accounting Cash Basis of Accounting Hybrid Accounting What is Accrual Basis of Accounting The word “Accrual” can be explained…

Cost v/s Management Accounting

Posted on: January 14, 2020 | Last modified on: July 20, 2022

Brief on Cost Accounting and Management Accounting Objectives and Functions of Cost Accounting Objectives and Functions of Management Accounting Cost Accounting vs. Management Accounting – A Comparative Study Brief on Cost and Management Accounting Cost accounting is the process of accounting cost which commences from the point at which the expenditure is incurred with the motto to establish its ultimate relationship with cost centres and cost units. It includes: Collecting, classifying, recording, allocating and analysing costs. Preparation of periodical statements and reports for ascertaining and controlling costs. Application of cost control methods. Ascertainment of profitable planned activities. On the other…

Financial Accounting – Definition, Importance & How it Works

Posted on: November 22, 2019 | Last modified on: February 14, 2023

What is Financial Accounting? What are financial statements? How Financial Accounting Works? Where do we find these financial statements in TallyPrime and what are the shortcut keys to assess them? What purpose does financial accounting serve? Financial Accounting with Tally Accounting Software FAQs What is Financial Accounting? Statement of final accounts or financial accounting is the process of preparing financial statements that companies use to show their financial performance and position to people outside the company, including investors, creditors, suppliers, and customers. What are financial statements? The preparer of financial statements generally put together a quarterly and annual financial statement,…

Best Accounting Software for Businesses in India

Posted on: November 20, 2019 | Last modified on: November 3, 2023

Take a Free Trial What is accounting software? Accounting software is a business management software used by businesses to record transactions, process information, and present those in the form of reports, giving a complete picture of the company. It helps you to keep track of all the financial records and manage various accounting tasks. By automating the recording of accounting information, accounting software enables efficient and quick processing of financial information. Other than businesses, accounting software is used by professionals such as Bookkeepers, tax professionals and other accounting professionals. TallyPrime is an accounting software that makes recording and organizing accounting…

Differences Between Cash Accounting and Accrual Accounting when Recording Business Income and Expenses

Posted on: July 6, 2020 | Last modified on: April 16, 2024

Besides making sense of every cent, accounting in business helps balance the book and manage finances in a way that leads to success and expansion. Accounting is critical in the company because it helps track income and expenses, guarantees statutory compliance, and gives quantitative financial information to investors. Every entrepreneur and business person, however, has to familiarize themselves with both cash accounting and accrual accounting. The choice between cash and accrual accounting is crucial for businesses. The distinction may seem simple, but the effects of selecting a particular approach over another can be substantial in terms of financing acquisition, tax…

List of Accounting Standard in Detail

Posted on: December 2, 2019 | Last modified on: December 13, 2021

Accounting Standards – An Introduction List of (Mandatory) Accounting Standards in detail Accounting Standards list - Non-Mandatory Accounting Standards followed across the globe Accounting Standards – An Introduction Accounting Standards can be any form of statement which consists of rules and guidelines, issued by the accounting institutions, for the preparation of uniform and consistent financial statements. This also includes disclosures required by the different users of accounting information. List of (Mandatory) Accounting Standards in detail Here is the summary of accounting standards issued by the ICAI as well as Companies (Accounting Standards) Rules, 2006 notified by the Ministry of Corporate Affairs,…

1 2 3 4 … 46 Next »