Basics
Generally Accepted Accounting Principles (GAAP)
The goal of accounting is to ensure information provided to decision makers is useful. To be useful, information…
August 16, 2021 · Boomi NathanBasics
Basics
The elements of financial statements
Transactions and other events are grouped together in broad classes and in this way their financial effects are…
August 16, 2021 · Boomi NathanBasics
What Accountants Do
We have said that accounting consists of these functions: · Recording · Classifying · Summarizing · Reporting and evaluating the financial activities…
August 16, 2021 · Boomi NathanBasics
Preparation Of Receipts And Payments Account From Income And Expenditure Account
The practical steps involved in the preparation of a Receipts and Payments Account from an Income and Expenditure…
August 16, 2021 · Boomi NathanBasics
Preparation Of Income And Expenditure Account
The practical steps involved in the preparation of an Income and Expenditure Account from the Receipts and Payments…
August 16, 2021 · Boomi NathanBasics
Balance Sheet
Balance Sheet of a non-trading concern is prepared in the usual way and contains particulars of all assets…
August 16, 2021 · Boomi NathanBasics
Income And Expenditure Account
It is a nominal account of non-trading institutions equivalent to the Profit and Loss Account of the business…
August 16, 2021 · Boomi NathanBasics
Accounts For Non-Profit Making Organisations
Introduction Non-profit making organisations, also known as non-trading institutions or organisations, include such voluntary associations of persons as…
August 16, 2021 · Boomi NathanBasics
Insurance Policy Method
Under this method, instead of investing the money in securities an insurance policy for the required amount is…
August 16, 2021 · Boomi NathanBasics
Depreciation Fund Method
Business assets become useless at the expiry of their life and therefore, need replacement. However, all the methods…
August 16, 2021 · Boomi Nathan