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What are the Basic Accounting Principles? Basic Generally Accepted Accounting Principles (GAAP).

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Accounting Principles There are general principles that are used in accounting to govern the accounting process. Accounting principles provide a framework for the accountants on which they make their decisions. Generally Accepted Accounting Principles (GAAP) provides the foundation to accounting professionals about rules and regulations to adapt while creating financial statements. These Accounting principles are explained under. Economic Entity Concept:                                                                    This Accounting principle states that the owner and business are two separate entities and deals with their own names. The liability...
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What Is Accounting? Types Of Accounting.

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Languages are used in the world since the beginning of Life on Earth and a medium is used to communicate among people which is called Language. Different languages are used in different parts of the word to communicate among peoples. Some of the most commons are English, Spanish, French, Hindi, and Arabic, etc. These all are used to communicate between different group of peoples those who understand them.                                 Likewise, there is a language that is used for the communication of business activity and which is called Accounting. Therefore Accounting is a business language that is used to record and analyze business transactions. “It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets,...
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What are the Elements of Accounting?

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WHAT ARE THE ELEMENTS OF ACCOUNTING? No one can imagine running a business without being familiar with accounting. An Accounts department is always present in a business organization that is responsible for all financial tasks. An accountant sitting in accountant post then must familiar with basic of accounting                                      In this article, I will discuss five elements of Accounting that every accountant must know. Assets Liabilities Expense Revenue Equity ASSETS                       Assets are the resources of a business which keeps by the business for a particular period and which are expected to be beneficial in the future operations of a business. For example, A manufacturing company buys a manufacturing plant for manufacturing its products. This is its assets which purchased for a specific pe...
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