Explain accounting, Operation Management

Assignment Help:

Explain accounting.

Accounting: It is an art of classifying and recording data. Now there data refers to transactions having monetary or financial values. As per to this, accounting is only an art and not a science. This contention is held due to the fact that the principles and rules of accounting are not based upon general truths and natural laws as any physical science or mathematical. Accounting has its own laws that apply equally well in same circumstances for similar business transactions.

Art of recording: It is an art of recording business transactions in the books of accounts in a systematic way soon after their occurrence. It is done in a book termed as 'Journal' and in other subsidiary books of accounts as Cash Book.

Art of classifying: Classifying is a process of entries of one nature or grouping transactions in one place. It is done by opening accounts in a book termed as 'Ledger'. To get the accurate idea of net effect of transactions already recorded in a journal or subsidiary books, they are subsequently processed and grouped. The same transactions relating to a particular account for a specified period are brought together. After that they are recorded at one place termed as ledger that classifies all transaction under different heads, expenses and persons.


Related Discussions:- Explain accounting

Explain what organizations currently utilize six sigma, What is Six Sigma? ...

What is Six Sigma? Who started it? What organizations currently utilize Six Sigma

Define elements of finagle a bagels operating system, Now, please answer th...

Now, please answer the question regarding operations management. How would you describe the elements of Finagle a Bagels operating system?

Explain some possible strategic initiatives, Suggest some possible strategi...

Suggest some possible strategic initiatives that Sigma could pursue to continue its growth

I need to cancel my order i made earlier today, I want to cancel my order I...

I want to cancel my order I made earlier today. How do I do this and get a full refund?

How several more hours of overtime would each worker, Games4U makes video g...

Games4U makes video games on CDs at its Old Town plant. The plant produces 800 games each day, and employs 100 workers that work 8 hours each day. They use the following resources

Explain what is the capacity of the line now, What is the capacity of the l...

What is the capacity of the line now? Again, assume the firm has hired a fifth worker, Assume further that tasks are allocated to maximize capacity of the line and that tasks ca

Explain a way in which resistance to change can be reduced, According to di...

According to dictionary.com, the term change is defined as follows: -verb (used with object) 1. to make the form, nature, content, future course, etc., of (something) different

Memo motion and micro motion recording, Memo Motion and Micro Motion Record...

Memo Motion and Micro Motion Recording Originally based on cine-photography, nowadays video-recording technology is used to record patterns of movement in process activities.

Explain situation of inflate your expense account, Imagine yourself in a si...

Imagine yourself in a situation of being encouraged by colleagues to inflate your expense account. What factors do you think would influence your choice? Explain

Explain direct marketing association website, On the Direct Marketing Assoc...

On the Direct Marketing Association website, what is interesting, how can companies use the website, what information is surprising and why?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd