Everything you wanted to Know about Basic Accounting but were afraid to ask
Accounting involves identifying, analyzing, recording, and communicating the economic and financial information about an organization. Financial statements are the reflection of the financial heart of an organization. Proper management of your business’ income and liabilities give you a better view of your financial statements. To assure business success and growth. There are many accounting software [...]
Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money’s worth. Whereas accounting is comprehensive in perspective. It extends to classifying, summarizing, presenting and even analyzing accounting information . Accounting vs. Accountancy Body of knowledge (consisting of principles, [...]
Assets An asset may be defined as anything of use to future operations of the enterprise and belonging to the enterprise. For example, building, land, machinery, cash, debtors (amount due from customers) goodwill etc. Equity In broad sense the term equity refers to total claims against the enterprise. It is further divided into two categories: [...]
Accounting is defined as “the art of recording, classifying and summarizing in terms of money transactions and events of financial character and interpreting the results thereof.” In simplest words, we can say: (1) Accounting is an art (2) of recording classifying and summarizing (3) in terms of money (4) transactions and events of financial nature [...]
The term “data” refers to primary details or numerical facts relating to an event or transaction. Data is stored and maintained on a computer or network. Computer Software like HiTech Financial Accounting process this electronic data. Data is also maintained as hardcopy or paper print. Since accounting limits itself only to those transactions and events [...]
In this series of articles it proposed to cover the following topics. In this article I have discussed the first one given below. More articles describing the other listed topics below may soon be published. Meaning of Bookkeeping Definition and objectives of Bookkeeping Accounting Systems Branches of Accounting Uses of Accounting Limitations of Financial Accounting [...]
You can notice immense development in the business industry and every organization is striving to undertake expansion plans. This is due to the vast development in business industry and one such industry is accounting outsourcing India. Proper management and good strategy is the key aspects of an organization to outperform. Achieving a grand success is [...]
There are three major functional areas in accounting, which need to be considered in modern day accounting for any business. The three are financial, cost and management accounting. The first area, namely financial accounting, is primarily useful for ascertaining the results of the business on a periodical basis; for example, one year. This will help [...]
Search engine optimization is an advertising tool that helps online business to get success by adopting certain unique strategies. The e-business world is rapidly changing with some latest and new advance techniques that is making the businesses boom. A business can adopt any means that helps it to get popularity. India outsourcing SEO services is [...]
Accounts Payable would be easy if it wasnt for all the paper, as anyone who works in the area will tell you. Paper-based, manual accounting systems have been the bugbear of corporate AP departments for decades. Even the most rigorously organised AP system has plenty of opportunities for problems, including lost or misplaced invoices; incorrect [...]