Accounting is the systematic redecoration of the financial transactions of a business. Such redecoration can be split into three activities:
Debit abbreviation is "dr" and credit abbreviation is "cr".
There are two types of transactions in accounting i.e. revenue and capital.
It is a statement that states all the liabilities and assets of the company at certain point.
Yes, both are different terms in accounting. Inactive accounts means that accounts have been closed and will not be used in future as well. While, dormant accounts are those that are not functional today but may be used in future.
It is a type of accounting in which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet.
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement same policies and practices in any country.
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
Assets = Liabilities + Owners Equity.
Yes, I do believe that accounting standards play a very important role to prepare good quality and accurate financial reports. It ensures reliability and relevance in financial reports.
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