The main difference between Accounting Concept and Accounting Convention is that Accounting concepts are the essential accounting assumptions that act as a ground for recording business transactions and preparation of final accounts and Accounting conventions are the techniques and procedures which have universal acceptance, these are followed by the firm while recording transactions and preparation […]
In broader terms, the process of accounting deals with keeping detailed records and predicting the economic nature of business. It gives the assurance that all the actions going on in a company are correct and according to the requirement. There are many terms used in it, and two of them are known as Financial Accounting […]
Accounting is the process of keeping detailed records, categorizing and predicting the economic nature of business. It deals with making sure all the accounts of a company are maintained and updated regularly, and all the transactions that take place are smooth. It is a vast subject which covers different topics, some of these are widely […]
Debit and Credit are two terms used mostly in Banks and are associated to money and dealings. These are entries in double entry bookkeeping made in account ledgers in order to keep records of variation occurs as the business transactions take place. Generally, the source account for the transaction is termed as Credit and the […]