Wednesday, May 30, 2018

Accounting knowledge

                                  BASIC KNOWLEDGE OF ACCOUNTING 

ACCOUNTING:  Accounting can be defined as the subject by studying which the records of all monetary transaction of an individual , non - trading concern ,business undertaking and other for a particular period can be satisfactorily maintained and the result of transaction during given period can be analysed and measured at the end of the given period .Accounting is now more an information system then a mechanism for recording transaction and ascertaining the result thereof

FINANCIAL ACCOUNTING : financial accounting deals with the recording of all financial transaction and preparation of statement for the use by management , outsiders like shareholders , banks or other financial institution , creditors etc.

COST ACCOUNTING : Cost accounting is concerned with the ascertainment of all cost of various products and services and is used as the tool for controlling expenditure..

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