Accounting basic
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Accounting involves recording, classifying, and summarizing financial transactions and interpreting the results. It has branches including financial, cost, and management accounting. Methods of accounting are cash basis, mercantile basis, and mixed/hybrid basis. Users of accounting are owners, lenders, employees, customers, government, and tax authorities. Accepted principles include accounting concepts, conventions, and standards.
Accounting basic
- 1. Basis of Accounting by P.Mani Sankar-APCE.Vellore Accounting is an art of recording, classifying, summarizing business transaction in terms of money value and interpreting the result thereof.
- 2. Branches of Accounting • 1).Financial Accounting • 2).Cost Accounting • 3).Management Accounting
- 3. Methods of Accounting • 1).Cash Basis • 2).Mercantile Basis • 3).Mixed/Hybrid Basis
- 4. Users of Accounting • 1).Owners • 2).Lenders • 3)Employee • 4)customers • 5)Government • 6) Tax Authorities
- 5. Accepted Accounting Principles • 1).Accounting Concept • 2)Accounting conventions • 3).Accounting Standards