Unit 01 Introduction to Accounting
Accounting Concepts
Accounting Concepts: Accounting Concepts can be described as the basic assumptions or fundamental...
Accounting conventions
Accounting conventions denote customs or traditions that are used as a guide in the preparation o...
Accounting Practices
Understanding Accounting Practice Accounting practice refers to the process of recording and mana...
Generally Accepted Accounting Principles
GAAP (Generally Accepted Accounting Principles) is a comprehensive set of accounting rules and p...
Nature of Accounting
Accounting, at its core, is a function that aims to accumulate and communicate information essent...
Accounting Equation
Accounting Equation The accounting equation represents the relationship between the assets, liabi...
Systems of Accounting
There are two main systems of accounting used to record business transactions. These are the Sing...
Process of Accounting Transactions
The accounting cycle is an essential, standardized process that follows eight steps to track, rec...
Types of Accounts
Different Types of Accounts In accounting, there are three main types of accounts. These classifi...
Golden Rules of Accounting
Bookkeeping is a key part of financial accounting, but it is only one aspect of the overall proce...
Types of Accounting Standards
Accounting Standards are authoritative standards for financial reporting and form the primary sou...
Need For IFRS and IndAS
The International Financial Reporting Standards (IFRS) is a system of accounting principles widel...