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Define Accounting The act of keeping a record of all the financial transactions in a systematic as well as a comprehensive way in an organization or a corporation is termed as accounting. It basically refers to the systematic process which includes the summarizing, analyzing and reporting of all the financial transactions in any organization or tax entity.
The Key Concepts Of Accounting There are a number of different basic and key concepts of accounting which are mentioned below: - 1 The accounting period concept 2 The matching concept 3 Unit of account 4 Dual concept of accounting
The Accounting period Concept The time during which the financial statements are prepared with the help of the financial books which are balanced is generally the accounting period. It is a very crucial period in accounting and is generally 12 months long but may differ from company to company or organization to organization. Basically, it is the time during which the financial books are updated.
The Matching Concept The matching principle is generally a part of the accrual accounting and this principle states that no matter when the cash is transferred between the organizations, all the expenses must be recorded during the time when they are acquired.
Unit Of Account The unit of accounting is generally the words that are used for the purpose of description of certain specific liabilities and assets that are present in the financial statements. The terms unit of measure and the unit of accounting are often used synonymously.
Dual Concept Of Accounting The dual concept of accounting functions by ensuring that each element of the transaction gets recognition. The two elements of a financial statement are generally the debit and the credit. The dual concept of accounting gave rise to the practice of double entry.
Sub-disciplines Included In Accounting 1 Capital budgeting 2 Financial accounting 3 Cost accounting 4 Management accounting 5 Perdisco 6 Business accounting 7 Accounting concepts
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