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Title: Basis Accounting Principals
Description: In this Notes we can easily understand & learn. what is Accounting. How many types of Accounting. What is the Basic Concepts & Principals of Accounting.

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Basic Accounting
Definition:- A systematic process of identifying, recording, measuring, classifying, verifying,
summarizing, interpreting and communicating financial information
...
Accounting provides information on the
...
Through this
language, it is easy to analyze the financial condition and performance of the business
...




Types of Accounting
There are several types of accounting that range from auditing to the preparation of tax
returns
...














Financial Accounting
Public Accounting
Government Accounting
Forensic Accounting
Management Accounting
Tax Accounting
Cost Accounting
Fiduciary Accounting
Project Accounting
Social Accounting

Basic Accounting Principles and Concepts
GAAP helps in understanding the standard rules and concept of the accounting world
...
Here is a list of
principles and concepts that must be clear to businessmen to run a steady growing
business
...


 Business Entity:-

The entity is different for the different field
...
An owner is a separate entity as compared to the product
...
The simple meaning of this word in basic- ---finance and accounting term is that the business account must be separated from the
owner’s accounts
...
Well, this rule is implied unless the transaction made for
personal use is done from the business account
...
This is the main cause of why the financial statement and
utility bills only show the half picture of the commerce
...
These issues are not shown in the
financial statement that prevents in giving out a bigger and proper picture of the firm
...
You can’t be depended on the market value of the product as it will
change with time and the market value
...
However, the cost model recognizes
criticize price and hence the amount of criticizing value was removed from the actual
price
...


 Dual Resources:-This is the basic accounting equation concept that depends on:
Resources = Accountability + Impartiality
Here resources are owned by the company that is used for the production or manufacturing
process
...
Impartiality is the main difference between the accountability and
resources
...
Hence the main aim is
to keep these basic accounting terms stable no matter how the transactions are made
...


 Time Period:-As it might be cleared by the name, it is talking about some time span
...
The format followed by the company depends on the
decision of the owner
...

If an owner feels that it must be quarterly or monthly then that format will be followed
...

However, it earning is done when the product is sold to the customer at a reasonable price
...
The bestowed contract time is not
recorded in it
...
Hence the basic
accounting assumptions are done but the actual cost is added later on
...
This will guarantee that if any changes in the
financial statement are done then it was due to the change in the operation rather than
the accounting entries
...


 Matching:-To ensure that the income is not overstated at any time, you need to record the
expenses and revenues at the same time
...
However, it is
an easy way to maintain the chart of the revenue and expenses
...


Hence, with the help of these principles and concept, it is easy to read, organize
and link the statements of all the finances with utter precision and accuracy
Title: Basis Accounting Principals
Description: In this Notes we can easily understand & learn. what is Accounting. How many types of Accounting. What is the Basic Concepts & Principals of Accounting.