Posted inFinancial Accounting
What is Financial Accounting?
Definition: Financial accounting is the area of accounting that focuses on providing external users with…
Posted inFinancial Accounting
Accounting
WHAT IS ACCOUNTING? Accounting is the process of systematically recording, measuring, and communicating information about financial…
Posted inFinancial Accounting
Generally Accepted Accounting Principles (GAAP)
WHAT IS GAAP Generally Accepted Accounting Principles (GAAP) is a framework of accounting standards, rules and procedures defined by the…
Posted inFinancial Accounting
International Accounting Standards Board
The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. The…
Posted inFinancial Accounting
What is the FASB (Financial Accounting Standards Board)?
Definition: The Financial Accounting Standards Board or the FASB is an organization created to establish…
Posted inFinancial Accounting
What is Financial Accounting?
Financial accounting is the process of preparing financial statements that companies’ use to show their…
Posted inFinancial Accounting
Financial Accounting – Royalty Accounts
Royalty is payable by a user to the owner of the property or something on…
Posted inFinancial Accounting
Financial Accounting – Voyage Accounting
To know the financial results of a marine business, voyage accounting is prepared. Voyage account…
Posted inFinancial Accounting
Departmental Accounting
Departmental stores have many types of stores under a single roof, for example one departmental…
Posted inFinancial Accounting
Financial Accounting – Contract Account
Contracts are undertaken to customer’s requirements, which is generally of constructional. For example, construction of…