Basic Accounting

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 programs which offer the ability to produce financial statements, but if your i Read more

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, postulates, assumptions, conventions, concepts and rules) governing the science Read more

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:

(1) Owners claim-capital and (2) Outsiders’ claim-liability (3) Liability: Amounts owed by the enterprise to the outsiders i.e. Read more

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 and

(5) interpreting the results thereof

Accounting is an art of correctly recording the d Read more

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 which are financial in character, therefore, accounting data will consist of facts, financial in nature, relating to transactions and events Read more

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
• Explanation of important Accounting terms
• The Accounting C Read more
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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 to determine the future course of action in the long term. In economical terms, financial accounting treats money as a factor of produc Read more

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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 manual data entry; time lost sorting and filing paper, or trying to locate matching purchase orders. All of which leads to slow processing, which Read more