Define accounting and briefly explain the accounting concept, Accounting Basics

1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.

(b) "Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account." Elaborate and explain why journal is necessary.   

 

Posted Date: 3/28/2013 5:57:00 AM | Location : United States







Related Discussions:- Define accounting and briefly explain the accounting concept, Assignment Help, Ask Question on Define accounting and briefly explain the accounting concept, Get Answer, Expert's Help, Define accounting and briefly explain the accounting concept Discussions

Write discussion on Define accounting and briefly explain the accounting concept
Your posts are moderated
Related Questions
Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting

Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014:

Q. Example of Accumulated Depreciation account? Along with other items the trial balance of Korman Company for 2010 December 31 includes the following account balances

Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis

Q. Goal of financial reporting? The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assess

Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz

How to perform a basic accounting training progrum ..

Problem 1: i) Assess the importance of accounting in the Public Sector. ii) How far has the Governmental Accounting Standards Board (GASB) changed financial reporting, ass

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.

briefly explain management process