Accounting, Accounting Basics

Accounting

Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary system on which the accounting system is based is called as Generally Accepted Accounting Principles (GAAP) and Accounting Standards. Accounting principles are broad guidelines for general applications; they permit a huge variety of methods and practices. Accounting Standards are formulated along with a view to harmonise various accounting policies and practices in use in a country. The goal of Accounting Standards is, therefore, to decrease the accounting alternatives in the preparation of financial statements inside the bounds of rationality, through ensuring comparability of financial statements of various enterprises with a view to give meaningful information to several users of financial statements to enable them to make informed economic decisions.

Posted Date: 2/6/2013 1:05:05 AM | Location : United States







Related Discussions:- Accounting, Assignment Help, Ask Question on Accounting, Get Answer, Expert's Help, Accounting Discussions

Write discussion on Accounting
Your posts are moderated
Related Questions
Q. What do you mean by Return on investment? Return on investment (ROI) -- a measure of efficiency and effectiveness with that managers use resources available to them, express

Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o

Q. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili

Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest i

Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener

It is reduction of taxes where from the income is produces and regarding services to be taxed there are about 120 services which are taxed in India for provision of service tax

“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”

Q. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.