Archive | Accounting

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. […]

Top 7 Types of Subsidiary Books – Discussed!

Here we detail about the seven types of subsidiary books, i.e, (i) Purchases Book, (ii) Sales Book, (iii) Purchases Return Book, (iv) Sales Return Book, (v) Bills Receivable Book, (vi) Bills Payable Book and (vii) Journal Proper. 1. Purchase Book or Purchase Journal: Purchase book is a book of original entry in which only credit […]

Meaning and Utility of Subsidiary Books

Let us make in-depth study of the meaning and utility of subsidiary books of journal. Meaning of Subsidiary Books: Subsidiary books are the sub-divisions of journal, in which specific transactions of similar nature are recorded. We know that the transactions involving cash or bank are recorded in the cash book, a book of original entry. […]

International Financial Reporting Standards (IFRS)

Read this article to learn about the concept and adoption of International Financial Reporting Standards (IFRS). Concept: International Financial Reporting Standards are principle-based, internally consistent and internationally converged set of standards, interpretations and framework adopted by the International Accounting Standard Board (IASB). Dictating broad rules as well as specific treatments for preparation of financial statements, […]

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