Accounting Topics

  • 10 Secrets to Successful Long-Term Investing in 2022

    10 Secrets To Successful Long-Term Investing In 2022 10 Secrets to Successful Long-Term Investing in 2022 Long-Term Investing: Investing isn’t just for Wall Street gurus and finance wizards. It’s also something you can, and should, do with your hard-earned money to improve your financial future. If you put in the time and effort now, you can enjoy the benefits of your investment returns years from now. In order to get the most out of your investments, it’s important to follow these…

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  • What are the Different Branches of Accounting?

    What are the Different Branches of Accounting? The following are the main branches of accounting: (a) Financial accounting: Financial Accounting is that branch of accounting which involves identifying, measuring, recording, classifying, summarising the business transactions, i.e. it involves the steps from Identifying, Recording of transactions to Summarisation, and communicating the financial data. (b) Cost accounting: Cost Accounting is that branch of accounting which is concerned with the process of ascertaining and controlling the cost of products or services. (c) Management…

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  • Characteristics of Accounting

    Characteristics of Accounting: Characteristics of Accounting The following attributes or characteristics can be drawn from the definition of Accounting: (1) Identifying financial transactions and events Accounting records only those transactions and events which are of financial nature. So, first of all, such transactions and events are identified. (2) Measuring the transactions Accounting measures the transactions and events in terms of money which are considered as a common unit. (3) Recording of transactions Accounting involves recording the financial transactions inappropriate book…

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  • Objectives of Accounting

    Objectives of Accounting The main objectives of accounting are: To maintain a systematic record of business transactions Accounting is used to maintain a systematic record of all the financial transactions in a book of accounts. For this, all the transactions are recorded in chronological order in Journal and then posted to principle book i.e. Ledger. To ascertain profit and loss Every businessman is keen to know the net results of business operations periodically. To check whether the business has earned…

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  • What Is Accounts, Accountancy and Accountants

    What Is Accounts accountancy and accountants   What is an Account? Definition: An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as the business events occur throughout the accounting period. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period. What Does Account Mean? What is the definition of account? There are five main…

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