Accounting- Meaning and Definition | Accounting courses in chandigarh

Accounting- Meaning and Definition | Accounting courses in chandigarh

  02:12    Abhi Dogra

---

Accounting- Meaning and Definition

Bookkeeping is a procedure of conveying the aftereffects of business exercises to various gatherings
 intrigued or related with the organization, including proprietors, financial specialists, loan bosses,
 governments, banks and different banks, and so forth. Accounting is associated with anyone who is
 interested in keeping accounts for financial or monetary transactions.

The US Institute of Certified Public Accountants has characterized accounts as 'to record, arrange 
and condense altogether and as cash exchanges and occasions which are at least partly economic 
and interpret their results'. The above definition shows the following aspects of accounting treatment.

We Are Cbitss Technologies We Provides Accounting Courses in chandigarh Sector 34 And We 
Are best training institution in chandigarh , mohali . more information visit our website .

• Accounting involves both art and science.
• This includes the registration, classification and summary of business transactions.
• Dit registreert de transacties in termen van geld.
• It records the financial things and events alone.
• Accounting is the process of interpreting the results of financial operations.
• Dette kommuniserer resultatene af analyse og tolkning til ledelsen eller til den del.

Main Objectives of Accounting

The main objectives for accounting are as follows: -

• To evaluate the company's results from the company.
• To inform the company's financial position
• To ensure the necessary control over the operation and resources of the company.

Accounting Principles

Bookkeeping standards are standards or guidelines for activities received amid the enrollment of 
business exchanges that guarantee consistency, lucidity and comprehension of business. 
Bookkeeping standards are essentially ordered into two classes. They are accounting concepts and 
accounting conventions.

1. Accounting Concepts

      Accounting concepts are basic assumptions or conditions on which the accounting system is
 based. The key accounting concepts are Business Entity Concept, Going Concern Concept, Dual 
Aspect Concept, Cost Concept, Monetization Concept, Realization Concept, Period Concept and
 Matching Concept.

• Business Entity Concept-  Business unit concept says the business and businessman are 
  two separate entities. Under this, the company is treated as a separate device that differs from
   the owner. The transactions between the holder and the company are recorded separately in
   the business books and appear separately under the heading 'Capital account'.

• Double Aspect Concept-Under this idea, every business exchange has two perspectives, 
  they get viewpoints and give angles. The receiving aspect is known as debit, and the rewarding
   aspect is known as the credit aspect of the company.

• Cost Concept- Cost Concept is based on the Going concern concept. According to this  
  concept, purchased assets are recognized in the business book in relation to the cost price in 
  which they are purchased, and this will provide basis for further accounting for assets.

• Cash estimation Concept-THis ideas say that the exchanges that will bargain just as cash.

• Acknowledgment idea According to this salary, just when the deal is made.

• Matching Concept- This corresponds to the cost along with the revenue.

2. Accounting Conventions

      This is a method or user definition where the auditors follow the preparation of financial statements.
 This includes mainly three types of conventions. They are as follows: -

• Conservatism Konventionen
• conclusion Convention
• Convention on Material Information.
• These are all accounting concepts and conventions.

I explain Accounting courses in chandigarh & Accounting Definition , Accounting  features 
our 1st  blog . click here