Archive | Accounting

Why Should We Study Accounting?

Get the answer of: Why Should We Study Accounting? Introduction to Double Entry Book-Keeping: Every person performs some economic activities; the word ‘person’ is used here to mean individual, a family, commercial or non-commercial organisations, Central Government or State Governments or Local Self-Governments and any other body engaged in economic activities. Accounting is a language […]

Difference between Stakeholders and Shareholders | Financial Accounting

This article will help you to learn about the differences between stakeholders and shareholders. Shareholders are definitely the important stakeholders of a company; nevertheless they are not the only group who are interested in the company’s activities, its financial performance, financial position and cash flows. Of course, the shareholders in addition would be interested to […]

Funds Flow Statement and Cash Flow Statement | Financial Management

Both Funds flow and Cash-Flow statements are used in analysis of past transactions of a business firm. The differences between these two statements are given below: Difference # Funds Flow Statement: 1. Funds flow statement is based on accrual accounting system. 2. Funds flow statement analyses the sources and application of funds of long-term nature […]

Human Resources and Social Responsibility (Accounting)

In this article we will discuss about the Accounting for Human Resources and Social Responsibility of an Organization:- 1. Introduction to Accounting for Human Resources and Social Responsibility 2. Methods of Accounting for Human Resources and Social Responsibility 3. Value Approaches 4. Two Sides of the Account 5. Solved Illustrations. Contents: Introduction to Accounting for […]

Postulates in Accounting

The following points highlight the four important postulates in accounting. The postulates are: 1. Entity Postulates 2. Going Concern Postulate 3. Money Measurement Postulate 4. Time Period Postulate. Postulate # 1. Entity Postulates: The entity postulate assumes that the financial statements and other accounting information are for the specific business enterprise which is distinct from […]

Financial Accounting and Management Accounting

The upcoming discussion will update you about the difference between financial accounting and management accounting. (i) Objects: The main object of financial accounting is to measure business income and communication of information to the various categories of persons, i.e., management, creditors, suppliers of goods, bankers, investors, etc. whereas the main objectives of management accounting is […]

Cost Accounting and Management Accounting

The upcoming discussion will update you about the difference between cost accounting and management accounting. Difference # Cost Accounting: 1. Deal with – Cost accounting deals with ascertainment, allocation, appointment and accounting aspect of costs. 2. Base – Cost accounting provides a base for management accounting. 3. Role – Cost accounting is helpful in collecting […]

Difference between Journal and Ledger

Here we detail about the difference between journal and ledger Journal: 1. In the journal, business transactions are recorded first. 2. In journal, all transactions are recorded in the chronological order. 3. In journal , both debit and credit aspect are recorded for each transaction 4. In the case of journal, net positions of any […]

Posting Rules from Journal to Ledger

Let us make in-depth study of the rules and respective ledger accounts in posting from Journal to Ledger. Journal is daily diary of a business enterprise in which all monetary transactions are recorded in chronological order. Posting from journal means transferring amounts from journal to the respective accounts in the ledger. The basic aim of […]

Difference between General Journal and Special Journal

Difference between General Journal and Special Journal! General Journal (Journal Proper): 1. General journal is a book of original entry in which only those transactions are recorded that cannot be recorded in special journals. 2. All the entries are recorded in their respective ledger accounts. 3. Format of general journal is same as of journal. […]

shopify traffic stats