Dual aspect concept says that every transaction in business has dual effect, means there are two aspects of any transaction. One is action of the transaction and other is reason
Dual aspect concept says that every transaction in business has dual effect, means there are two aspects of any transaction. One is action of the transaction and other is reason
Going Concern Assumption Nobody starts business with the target of winding up business in short period of time. So, this assumption is created and adopted for the processing of business transactions.
Asset in financial accounting is the property of a business that has money value, benefit for which can be availed in future or it can be converted into cash. Some
To answer this we need to understand very basic thing that is why do we need accounting? Well, accounting is necessary for systematically recording financial business transactions, so that same
What is Expense? Expense in financial accounting is the money value for which benefit has already been taken. Examples of expense are: salary, rent, repairs, depreciation etc. Lets understand this
What is Liability? Liabilities are obligation or we can say is the claim of outsiders on business. Lets understand this by example: In a business if you require money that
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