Branches of Accounting
Financial Accounting Cost Accounting Management Accounting
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Flow of Accounting Process
1.1. Journaling The process of analysing the business transactions under the heads of debit and credit and recording them in the Journal is called Journalising. An entry made in the journal is called a ‘Journal Entry’. 1.2. Posting (to Ledger) The process of transferring the entries recorded in the journal or subsidiary books to the respective accounts … Read more
Method of Accounting
1. Double Entry System There are numerous transactions in a business concern. Each transaction, when closely analysed, reveals two aspects. One aspect will be “receiving aspect” or “incoming aspect” or “expenses/loss aspect”. This is termed as the “Debit aspect”. The other aspect will be “giving aspect” or “outgoing aspect” or “income/gain aspect”. This is termed … Read more
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards, usually called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly … Read more
Accounting Standards for Local Bodies (ASLB)
Accounting Standard for Local Bodies (ASLB) 20, ‘Related Party Disclosures’ Accounting Standard for Local Bodies (ASLB) 2, ‘Cash Flow Statements’ Preface to the Accounting standard for Local Bodies Accounting Standard for Local Bodies (ASLB) 1, ‘Presentation of Financial Statements’ Accounting Standards for Local Bodies (ASLB) 3, ‘Accounting Policies, changes in Accounting Estimates and Errors” Accounting Standard for Local … Read more
Basic Principles of Accounting
Golden Rules of Accounting Sl. No. Name of Account Debit Aspect Credit Aspect 1 Personal Account The Receiver The Giver 2 Real Account What Comes In What Goes Out 3 Nominal Account All Expenses All Incomes If there is an increase or decrease in one account, there will be equal decrease or increase in another … Read more
Indian Accounting Standard
Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. which is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, … Read more