t H e — C o M p L e T e — I n F o


      

accounts

PRACTICAL IMPLICATION OF ACCOUNTING

CONCEPT VS CONVENTION The term ‘concept’ is defined as the basic assumptions or conditions upon which the accounting is based. The term ‘convention’ consists of those customs or traditions which act as a guide to the accountants for the preparation of financial statements. ON VIEWING THIS BELOW FINANCIAL STATEMENT OF TATA MOTORS- LTD WE WILL […]

INTER-RELATIONSHIP B/W FINANCIAL MANAGEMENT & COST ACCOUNTING.

There are mainly three branches of accounting: 1.Financial accounting 2.Cost accounting 3.Management accounting Financial accounting tells us whether the business has earned profits or incurred losses during the accounting period i.e. Income statement and position statement . So, Financial statement is concerned with providing information to external parties .But we know management is also interested […]

ACCOUNTING TERMS

A number of basic terms are used in accounting . So it is necessary to know the meanings of these basic accounting terms. The important accounting terms are : 1. TRANSACTION Any exchange (dealing) of goods or services , for cash or on credit by the business with any other business. FEATURES 1. Economic Activity […]