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Category: Financial Accounting

Objectives and Limitations of Accounting

Post author By Hemant More
Post date March 10, 2019
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Objectives of Accounting: To maintain full, systematic and permanent records of business transactions: Accounting is the language of business transactions. Accounting is done to keep a systematic record of financial transactions. The main objective of accounting is to maintain ‘a full and systematic record of all business transactions for current and future references It saves […]

Tags business transactions, Creditors, creditworthiness, Customers, Investors, Objectives of Accounting, Primary Users, Regulatory Authorities, Research Scholars, Secondary Users, Tax Authorities, taxable income

Financial Accounting

Introduction to Financial Accounting

Post author By Hemant More
Post date March 10, 2019
No Comments on Introduction to Financial Accounting

Accounting: Accounting is an interpretation, in terms of monetary units, of an activity like a business and the financial results of that activity during a period. As per American Institute of Certified Public Accountants (AICPA) “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money transactions and […]