Financial Accounting – Journal
“The process of recording a transaction in a journal is called journalizing…
Accounting – Classification of Accounts
It is necessary to know the classification of accounts and their treatment…
Convention of Materiality
If the disclosure or non-disclosure of an information might influence the decision…
Convention of Disclosure
The Companies Act, 1956, prescribed a format in which financial statements must…
Convention of Consistency
To compare the results of different years, it is necessary that accounting…
Objective Evidence Concept
According to the Objective Evidence concept, every financial entry should be supported…
