Introduction to Accounting.
Accounting is a process of identifying, recording, classifying, summarizing and interpreting business transactions of financial nature.
Now, to exactly understand the above definition you must understand each keyword mentioned in this definition. Following video has detailed explanation to each keyword that makes the process of accounting very clear and also helps beginners to understand what all they are going to learn in accounting.
The life of the business is considered to be indefinite, but the measurement of income cannot be postponed for a very long period of time. Therefore, it is necessary to
Materiality Concept or Materiality states that all material facts must be a part of the accounting process. But immaterial facts, i.e. insignificant information should be left out. The materiality of
Accounting principles refer to the fundamental guidelines and rules that govern the field of accounting. These principles provide a framework for recording, analyzing, and reporting financial information in a consistent
