Tag: Concept of Accounting

CSEC Study Guide 1

In this study guide series, you will be given a PDF file which will contain concise revisions on different topics in different subjects. You can choose whether or not to download the particular study guide based on the summary provided in the body of the post here. All the subjects below are in one file…...

Accounting Softwares

As technology improves, software vendors have been able to offer increasingly advanced software at lower prices. Different Types of Accounting Software Packages There are different types of Accounting Software Packages that are designed to cater the different needs of different businesses. Below are some of the popular and general types of accounting software. Accounting Software…...

Accounting Processes

All accounting information historically has been done manually. In modern society we now have access to computers that actually performs the same tasks with much improvement. Computerised accounting systems may be obtained in modular packages or be fully integrated. Modules include Stock control, sales order processing, purchases order processing, pay roll, fixed assets, Sales Ledger,…...

Accounting Concepts and Conventions

Accounting concepts and conventions as used in accountancy are the rules and guidelines by which the accountant lives. All accounts and accounting statements should be created, preserved and presented according to the concepts and conventions. -These generally accepted accounting principles are a set of rules and practices that are recognized as a general guide for…...

The Accounting Cycle

The Accounting Cycle is a sequence of procedures used to record, classify and summarize and processing accounting information to generate financial statements, on a regular basis. The accounting cycle during each period starts from recording individual transactions in the books of accounting and ends at the preparation of financial statements and closing processes. Steps in…...

Financial Statements

What is a financial statement? What does it tell us? Why should we care? These are good questions and they deserve an answer. Financial Statements are summary accounting reports prepared periodically to inform the owner, creditors, and other interested parties as to the financial condition and operating results of the business. The purpose of financial statements is to communicate…...

NonProfit

Nonprofit Organizations are corporations formed for a charitable, civic, or artistic purpose. Nonprofits are generally exempt taxation on their income, and so they are often called “exempt organizations.” Nonprofits have substantial responsibilities for reporting their activities, income, and assets to ensure that they are in compliance with government laws governing charities. Read more →...

Corporations

A corporation is an organization that is made up of many owners who normally are not active in the decision making and operations of the business. The capital of a limited liability company is divided into shares which are certificates of ownership (stock) issued by the corporation. The owners of these shares are called shareholders…...

Co-Operative Society

The co-operatives are formed primarily to render services to its members. Generally it also provides some service to the society. When the purpose of business is to provide service than to earn profit and to promote common economic interest, the co-operative society is the only alternative. The main objectives of co-operative societies are: -rendering service…...

Partnership

A partnership is a form of organization where two to twenty persons are associated to operate a business entity with a view to earn profit. Each member of such a group is individually known as ‘partner’ and collectively the members are known as a ‘partnership firm’. In order to avoid misunderstandings about how profits/losses are…...