Accounting concepts explained, Basic accounting, Accounting for beginners in english

Hey Guys, so today we will study the most important and interesting topic of  Accounts. Golden Rules of Accounting- Rules of Debit and Credit which is the base of accounts and the language of accounts. Under double entry system of Book keeping each transactions has two aspects. One is called debit and another is credit where, debit records incoming or receiving aspect and credit records outgoing or giving aspect. We Learn- Meaning of an Account Debit and credit Classification of Accounts Golden Rules of Accounting Meaning of an Account Account is a summarised record of transactions at one place related to the particular head. Account is prepared for sort and store the transactions. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of the accounting period. An Account shows specific assets, liability, revenues, assets, equity.  An Account is divided into two parts which is known as Debit and Credit, Debit a

Meaning of Accounting Standards The accounting standards are the set of Guidelines that is Generally Accepted Accounting Principles that are followed by business entities for preparation and presentation of Financial Statements. In short accounting standards are the set of Principles, Procedures and Guidelines that defines the basis of Financial Accounting, Accounting standards guides an Accountant by the set of guidelines, laws and rules which is stated by Generally Accepted Accounting Principles. So, sb mila  ke Accounting standard ek aisa set hai jisme hume guidelines, rules, principles etc milte hai aur in rules ke set ko hum Generally Accepted Accounting Principles kehte hain jo kisi bhi business entity ke financial statements banane ke kaam aate hai, ye rules isi liye banaye gaye hain taki sari enterprise ek hi Accounting standard ko follow kare, result nikalne ke liye..... jese school ke rules discipline maintain krane ke liye banaye jate hain vese hi accounting ke bhi r

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Accounting Information Accounting is a service activity. As an information system, accounting collects financial data, records it in the books of accounts, classifies and summarises it to determine financial position of the business which is communicated to its users. This financial data is useful for users of accounting information system. Accounting begins with identification of transactions which are financial in nature and ends with preparation of Final Accounts(Income Statement and Balance sheet) which is prepared at the end of the financial year. Each step in the process of Accounting generates some information. Generation of information is not an end in itself, it is way to use further information and determine the net result which helps in communication of information to users of Accounting Information Meaning of Accounting Information System(AIS) Accounting is a method to communicate the financial information to the users such as Organisations, Governments, Stoc

Hey Guys, Hope you are doing well, today we discuss about the systems of accounting. There are two types of accounting systems. The first is Single Entry system of accounting and another is Double Entry System of Accounting. We discuss both the systems in detail. We Learn- Meaning of Double Entry System of Accounting Stages of Double Entry System Meaning of Single Entry System of Accounting Which method is reliable to use Meaning of Double Entry System of Accounting There are two aspects of Double entry system of accounting i.e, Debit and Credit. Debit is denoted by Dr. and Credit is denoted by Cr. in the language of accounting. In double entry system of accounting we records both the aspects of any financial transaction. So, at the time of recording the transaction, it is recorded once on a credit side and again on the credit side. A Double entry system will maintain complete records and also gives proper financial results Let us take an example to clarify th

Basis IFRS GAAP Acronym International Financial Reporting Standard Generally Accepted Accounting Principles Meaning International Financial Reporting Standards (IFRS) refer to an International Accounting Standards set of guidelines which states how business transactions and other activities are reported in financial statements. The International Accounting Standards Board (IASB) issues IFRS, and they shows how Accountants must report and maintain their accounts The Generally Accepted Accounting Principles (GAAPs) are the accounting rules that are accepted by accountants based on which transactions are recorded in the books of accounts and financial statements are prepared. These rules or guidelines adopted for recording and reporting business transactions, in order to bring uniformity and consistency in the preparation and presentation of financial statements. Basis