Category: Accounting for Managers

What are the basic principle of Accounting? 1. Convention of Conservatism All we know that the world of uncertainty. So, it is always better to follow the policy of playing safe. Also, this is the principle behind the convention of conservatism. According to this convention the accountant must be very careful while recognizing increases in…

What is the meaning of Accounting Concepts? We discussed the important accounting concept which as follows: Business Entity Concept This is generally accepted that as per this concept the business enterprises a separate entity from a person who owns it. This concept is very useful in keeping business affairs or business transactions, the business is free…

Management Accounting What do you mean by Management Accounting and Difference Between Cost Accounting? Meaning and Definition of Management Accounting Management Accounting the provision of financial data and advice to a company for use in the organization and development of its business. – Oxford Dictionary The Institute of Charted Accountants of England Any form of…

  Meaning of Accounting and Objective of Accounting What are the Meanings of Accounting and Objective of Accounting? Meaning of Accounting American institute of Certified Public Accountants (AICPA) which defines accounting as “the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are, in part…

Accounting Concept Accounting Concept We discussed the important accounting concept which as follows: Business Entity Concept This is generally accepted that, as per this concept the business enterprises a separate entity from a person who own it.  This concept is very useful in keeping business affairs or business transactions, the business is free from the effect…