Accounting Important Topics | A Definitive Guide By EssayCorp

Accounting Important Topics

What is Accounting?

Accounting can be defined as the process of recording, analyzing and computing the transactions related to business and organization. Accounting supports management by providing feedback on a firm or organization's financial statements and transactions. Accounting can also be referred to as the approach to correspond to and impart the financial well-being of an organization to the management and related members. It is the means of estimating a particular firm's assets, low cash, debts and owing, etc. It also helps in visualizing the following entities for future investment. Accounting is considered the heart and soul of business. Accounting is, without a doubt, the basic necessity of a business, whether small-scale or large.

What are the Accounting Principles?

Numerous beliefs are concerned with documenting occurrences and transactions in the books of account. The most crucial aspect is to record the financial transactions that must be created, like final accounts. Let us look at the principles of accounting:

    • Relevance – All the financial and monetary information is treated as significant if it impacts the decisions related to business.
    • Comparability – This principle highlights the affinity and parallels of business competitors and progression.
    • Reliability – The business information must avoid unfairness, favouritism and significant errors to retain authenticity.
    • Understandability – The reports focusing on the financial statements must be compiled and created so that the ultimate user can effortlessly apprehend it at a glance.

Accounting concepts are the general rules that must be followed to prepare financial accounts and statements.

Essential Types of Accounting:

    • Accounting
    • Accounting 101
    • Accounting Concepts
    • Accounting Equations
    • Accounting Principle
    • Adjusting Entries
    • Accounting Cycle
    • Activity Based Costing
    • Activity Based Accounting
    • Australian Accounting Standard
    • Bank Reconciliation
    • Business Accounting
    • Book keeping
    • Bonds Payable
    • Batch Costing
    • Break-Even Point
    • Cash Flow Statement
    • Capital Expenditure
    • Capital Budgeting
    • Concept of Budgetary Control
    • Chart of Accounts
    • Cost Volume Profit Analysis
    • Cost Accounting
    • Debits and Credits
    • Dividends
    • Depreciation
    • E-Business and E-Commerce
    • Evaluating Business Investments
    • Financial Ratios
    • Financial Accounting
    • Future Value of a Single Amount
    • Income Statement
    • Improving Profits
    • Inventory and Cost of Goods Sold
    • Intangible Assets
    • Job Costing
    • Journal Entry
    • Lower Cost or Market
    • Manufacturing Overhead
    • MBA Accounting Case Study
    • Management Accounting
    • Managerial Accounting
    • Non-Manufacturing Overhead
    • Material Costing
    • Non-Profit Organizations
    • Non-Profit Accounting
    • Profit and Loss Accounting
    • Payroll Accounting
    • SAASU
    • Trial Balance
    • Taxation


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