Recording of Transactions

Points to Remember A transaction is an event or happening that changes an organisation’s financial position and/or its earnings.A source document

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Accounting Equations

Accounting Equations Accounting Equation is the double entry system of accounting that is based on accounting equations where the relationship be

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Accounting Standards

Accounting Standards 2018

Accounting Standards The Institute of Chartered Accountants of India (ICAI) had established an Accounting Standards Board (ASB) in 1977 with the aim

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Financial Statements

Financial Statements

Financial Statements A Financial Statement is a periodic report prepared from the accounting records of a company. Financial statements include the p

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Accounting Cycle

Accounting Cycle The term 'Accounting Cycle' refers to the sequence of accounting procedures followed in recording, classifying and summarising busin

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Basic Terms in Accounting

Basic Terms in Accounting Entity Entity has a definite individual existence. Business entity is an identifiable business enterprise such as Super

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Basic Accounting Concepts

Basic Accounting Concepts Assumptions are traditions and customs which are developed over a period of time and well-accepted by the profession. They

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