GOLDEN RULES OF ACCOUNTING
The golden rules of Accounting are the foundation or base of the accounting which helps in posting the transactions correctly in the books of accounts.
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BRANCH ACCOUNTING NOTES FOR BCOM
BRANCH ACCOUNTING NOTES FOR BCOM: Methods of branch accounting; different types of branches; incorporation of branch trial balance QUESTION: What is meant by Incorporation of Branch Trial Balance? What are the various entries for incorporation of Branch Trial Balance in the books of Head Office? OR QUESTION: Explain the ways of incorporating Trial Balance of…
VOYAGE ACCOUNT NOTES – COMPLETE AND INCOMPLETE VOYAGE ACCOUNTING
Voyage Account Notes on the topic of complete voyage and accounting for incomplete voyage. QUESTION: What is the meaning of Voyage Account? How is it prepared? VOYAGE ACCOUNT: Voyage Account is an account which is prepared by the shipping companies. This account is prepared to get a complete record of the profits earned and loss…
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ACCOUNTING CONCEPTS AND CONVENTIONS NOTES
QUESTION: Discuss important Accounting Concepts? Accounting Concepts are the foundation of the accounting. These concepts are the assumptions which are generally accepted and followed while performing the recording of transactions and preparation of final accounts. The accounting concepts help in conveying the financial information in a same meaning to the various users of the accounting….
NATURE AND SCOPE OF FINANCIAL ACCOUNTING
Question: Discuss the nature and scope of Financial Accounting? Accounting is art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof. The Nature of Accounting can be defined in two ways: Quantitative Attributes of…
FINANCIAL ACCOUNTING NOTES – SCORE 100% IN YOUR EXAM
Here you can get Financial Accounting notes and all previous year questions solved. Click on the link of any topic to get the notes. INTRODUCTION TO ACCOUNTING ACCOUNTING CONCEPTS AND CONVENTIONS CAPITAL AND REVENUE FINAL ACCOUNTS (SOLE TRADER) VOYAGE ACCOUNTS JOINT VENTURE CONSIGNMENT ACCOUNTS DEPARTMENTAL ACCOUNTS BRANCH ACCOUNTS Introduction –Nature of financial Accounting–scope–objects–limitations–Accounting conceptsand conventionsConceptual…
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Difference between Financial Accounting Management Accounting and Cost accounting
In this post you will study Difference between Financial Accounting Management Accounting and Cost accounting. Study and make the proper notes grabbing full understanding of this topic. MANAGEMENT ACCOUNTING Management Accounting is the Identification, Measurement, Accumulation, Analyses, Preparation, Interpretation and Communication of information that assists managers in fulfilling organizational objectives. Management accounting is all about…
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DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIAL ACCOUNTING
DIFFERENCE BETWEEN COST ACCOUNTING AND FINANCIAL ACCOUNTING The difference between cost accounting and financial accounting is as follows: COST ACCOUNTING Cost Accounting is an art or process of recording, analyzing and classifying of expenditure for the purpose of product costing or service costing, ascertainment of profitability, operational planning and cost control. It is a forward…
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USERS OF ACCOUNTING
USERS OF ACCOUNTING Accounting provides the information to the users of the business. Various users are interested to know about the financial position of the business, which they get from the accounting records kept by the business and provided to them by way of publishing final accounts. The users of accounting are as follows: INTERNAL…
DIFFERENCE BETWEEN DEPARTMENTAL AND BRANCH ACCOUNTING
The difference between Departmental and Branch Accounting is as follows: DEPARTMENTAL ACCOUNTING Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department are recorded and reported separately. The departments are then consolidated into the accounts of the head office to prepare the financial statements of…
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