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Computerised Accounting System (A Project Report)

In this report we will discuss about the Computerised Accounting System:- 1. Features of Computerised Accounting System 2. Codification and Grouping of Accounts 3. Spread-sheet Software 4. Pre-packaged Accounting Software 5. Customised Accounting Software 6. Enterprise Resource Planning (ERP) Software 7. Outsourcing of Accounting Function 8. Choice of an Alternative. Project Report Contents: Features of […]

Break Even Analysis: Formula and Calculations

This article provides an overview on Break Even Analysis:- 1. Meaning of Break-Even Analysis 2. Assumptions of Break-Even Analysis 3. Break Even Point 4. Types of Break-Even Point 5. Graphic Method 6. Assumptions Underlying Break-Even Charts 7. Advantages of Break-Even Charts 8. Limitations of Break-Even Charts 9. Margin of Safety 10. Angle of Incidence 11. […]

Accounting Theory: Role, Levels and Methodology

In this article we will discuss about Accounting Theory:- 1. Definition of Accounting Theory 2. Role of Accounting Theory 3. Classification 4. Research Methodology 5. Approaches 6. Methodology 7. Other Approaches. Definition of Accounting Theory: The term ‘accounting theory’ has been defined by many. Hendriksen defines accounting theory as: Logical reasoning in the form of […]

Revenue: Meaning, Concept and Activities

In this article we will discuss about Revenue:- 1. Meaning of Revenues 2. Concepts of Revenue 3. Activities. Meaning of Revenues: Revenues are earned from the sale of goods or services done by a business entity to the others. The business entity receives or will receive (in future) cash or something else of value. Generally […]

Gains and Losses: Meaning, Features and Its Recognition

In this article we will discuss about Gains and Losses:- 1. Meaning of Gains and Losses 2. Features of Gains and Losses 3. Recognition. Meaning of Gains and Losses: Gains are defined as increase in net assets other than from revenues or from changes in capital. Gains are increases in equity (net assets) from peripheral […]

Expenses: Meaning, Categories and Its Recognition

In this article we will discuss about Expenses:- 1. Meaning of Expenses 2. Categories of Expenses 3. Recognition. Meaning of Expenses: Expenses are the monetary amount of resources used up or expended by an entity during a period of time to earn revenues. Expenses are essentially cost incurred in the process of earning revenues through […]

Assets: Definition, Characteristics and Objectives

In this article we will discuss about Assets:- 1. Definition of Assets 2. Characteristics of Assets 3. Objectives of Valuation 4. Types. Definition of Assets: Financial accounting has basic elements like assets, liabilities, owners’ equity, revenue, expenses and net income (or net loss) which are related to the economic resources, economic obligations, residual interest and […]

Liabilities: Meaning, Characteristics and Measurement

In this article we will discuss about Liabilities:- 1. Meaning and Nature of Liabilities 2. Characteristics of Liabilities 3. Measurement 4. Classification 5. Equity and Liabilities. Meaning and Nature of Liabilities: Liabilities may he defined as currently existing obligations which a business enterprise intends to meet at some time in future. Such obligations arise from […]

Accounting Standard: Definition, Benefits and Types

In this article we will discuss about Accounting Standard:- 1. Definition of Accounting Standard 2. Benefits of Accounting Standards 3. Types. Definition of Accounting Standard: The term ‘Accounting Standard’ may be defined as written statements issued from time to time by institutions of the accounting profession or institutions in which it has sufficient involvement and […]

Inventory: Meaning, Need and Objectives

In this article we will discuss about Inventory:- 1. Meaning of Inventory 2. Need for Inventories 3. Objectives for Measurement 4. Methods of Costing 5. Consistency in the Valuation 6. Accounting 7. Consequences of the Choice of Inventory Methods. Contents: Meaning of Inventory Need for Inventories Objectives for Measurement of Inventories Methods of Inventory Costing […]

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