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Accounting is the key exercise of every organization. Accountancy is the study of financial record keeping of a company. Accounting process is a systematic and extensive application of fiscal and monetary information and transactions. Accounting also focuses on taxation matters, profit and loss, liabilities and assets of a company. It manifests the information about the availability of resources to a company or firm.

Accounting 101 and Accounting Concept

Accounting Concepts

  • Business Entity Concept – Owner and business are considered as two different entities. According to this concept there is a different legal integrity of business. This accounting concept beholds the belief that accounting is for business and not for the individual who runs it.
  • Concept of Dual Aspect – This concept is also known as duality principle concept. It is a primitive step for double entry accounting theory. According to the concept of dual aspect every transaction has two expressions. Under this accounting system there are two aspects of a transaction: Debit and Credit.
  • Concept of Going Concern – The going concern concept is of great significance which implies the theory that the organization entity must run in long run and it cannot be shut down due to any influence or reason and must construct the financial statements in correspondence.
  • Accounting Period Concept – Financial statements are made during the end of a span of time to calculate the actual profit and loss of the firm, that span of time is known as accounting period.
  • Cost Concept – In this accounting concept the value of asset is recorded and measured as the actual price paid for it instead of its market value.
  • Money Measurement Concept – This concept is also a limitation to the accounting concept as it records only those transactions that are covered under monetary terms.
  • Matching Concept –It is considered as the accounting practice in which firm’s revenue and expenses of a particular year are revised and matched up.

Type of Accounting

Types of Accounting

The famous branches of accounting are:

  • Financial Accounting – This branch of accounting deals in crafting financial statements of a firm. Record keeping and classification of business transactions are also covered under financial accounting basics.
    Financial accounting basics comprise primitives of accounting like analyzing business transactions, knowledge of debit and credit transactions etc.
  • Managerial Accounting – Deals in internal information rather detailed information about management’s strategy and aims and enabling the firm for future assessment. It generally involves cost analysis, budget forecasting of firm.
  • Cost Accounting – This branch of accounting is considered as an effective segment of accounting process. Cost accounting involves documentation, demonstration and study of manufacturing cost.
  • Tax Accounting – This accounting branch helps in setting the taxation rules of a firm. Tax planning and formation of tax returns are included in this section.
  • Project Management Accounting –It involves the transparent understanding of the impacts of income and expense on general ledger. It deals in specific and individuality of financial accounting with the usage of project accounting application and software.

 

Types of Errors in Accounting

Accounting errors are divided into these categories:

  • Error of Omission – The transactions which are not recorded in the documents and accounting books are known as error of omission. The omission may be partial or complete.
  • Error of Commission – When a transaction is recorded wrongly with error in amount or calculation is known as error of commission.
  • Error of Principle – When a transaction is recorded abiding the rules of double entry system.
  • Compensating Errors – When an accountant recompenses one error with other it is known as compensating errors.

Accounting ratios serve intimations of a financial position of a firm. Accounting ratios help in calculating benefits, profitability and performance of a firm positioned by its financial statement.

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Posted on February 21, 2018 by NAH
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