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11 Accountancy category on Commerceiets contains the following topics:
Accounting: Meaning, Features, Importance, Advantages, Limitations, Nature, Concepts and Conventions, Accountancy, book-keeping, process of Book-keeping, Process of Accounting, Difference between accounting and book-keeping, difference between accountancy and accounting, accounting standards, Accounting Equation, IFRS.
Journal: Meaning, Features, Format of Journal, Need for Journalising, Benefits of Journal, Limitations of Journal.
Ledger: Meaning and features of Ledger, importance of ledger, benefits of ledger, demerits of ledger, difference between journal and ledger, format of ledger, balancing of accounts.
subsidiary books: cash book, format of cash book, types of cash book, petty cash book, types of petty cash book, advantages of subisdiary books, disadvantages of subsidiary books, bills receivable book, bills payable book, purchase book, sales book, purchase return book, sales return book, journal proper.
Depreciation: meaning of depreciation, features of depreciation, need of depreciation, importance of depreciation acconting, accounting for depreciation, methods of calculating depreciation, straight line method of calculating depreciation, advantages of straight line method, disadvantages of straight line method, dimnidhing balance method, advnatges of dimnishing balance method, disadvantages of dimnishing balance method. suitability of straight line method and written down value method. recording of depreciation in books of accounts.
financial statements without adjustments: what are financial statements, preparation of financial statements, types of financial statements, trading account- meaning, features, format, importance, preparation. profit and loss account or income statement- meaning, nature, format, features, importance, preparation, difference between profit and loss account and trading account, balance sheet or position statement- meaning, features, format, preparation, marshalling of balance sheet, importance, limitations
Cash and Mercantile System of accounting Cash and Mercantile system of Accounting is as follows: CASH BASIS OF ACCOUNTING Under cash basis of accounting, the transactions are recorded when actual cash is received or paid. It means, the income is recognized when cash is received and the expenses are recognized when the cash is paid….
BASIS OF ACCOUNTING- MEANING The basis of accounting is a set of rules that are followed by the accountant for preparing the financially reports like profit and loss account, balance sheet and cash flow statement. The basis of accounting tells about when and which transaction is to be recognized and how to record those transactions…
BRANCHES OF ACCOUNTING The advancements and continuous evolution of the commerce, trade and industry in the world has lead to the increased scope of the accounting. As a result, the different Branches of Accounting come into existence which is as follows: FINANCIAL ACCOUNTING Financial Accounting involves preparation of accounting records for a particular period of…
DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTANCY Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping. It means to keep the books of accounts to record all the financial transactions. It is concerned with identification of transactions and events,…
DIFFERENCE BETWEEN ACCOUNTING AND ACCOUNTANCY To understand the Difference Between Accounting and Accountancy, these both terms should be understood: Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i.e. Trading and Profit and Loss…
DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING To understand the Difference between Book keeping and Accounting, firstly we understand the both terms: Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping. It means to keep the books of accounts…
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ACCOUNTING IS AN ART OR SCIENCE Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i.e. Trading and Profit and Loss Account and Balance Sheet at the end of the financial year. It is…
ACCOUNTANCY Accountancy refers to systematic knowledge of accounting concerned with the principles and techniques which are applied in accounting. It tells us how to prepare the books of accounts, how to summarize the accounting information and how to communicate it to the interested users. ACCORDING TO KOHLER “Accountancy refers to the entire body of theory…
MEANING Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping which means to keep the books of accounts to record all the financial transactions. It is concerned with identification of transactions and events, expressing them in the monetary…
LIMITATIONS OF ACCOUNTING Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. But it suffers from drawbacks which hinders its utility. The Limitations of Accounting are as follows: INFLUENCED BY PERSONAL JUDGMENTS Accounting is viewed…
