What are the Elements of Accounting?
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...