Meaning of Trading Account:- Trading account deals with the terms of trading. In which it considered Selling or purchasing of business. As it reflects the Expenses and Revenue of business. It is created to know the Gross profit and Gross loss of business. This is a trading account format. Which account is prepared by Trading …
Discuss important concepts of accounting. Meaning:- Accounting concepts are the fundamental assumptions which are followed in the accounting way. Assumption is that which is accepted true without proof. It is treated as a true opinion which does not need any proof. These are logical assumptions and widely accepted. In other words:- These are accepted rules …
Meaning of Financial Accounting:- Financial accounting is concerned with recording, classifying, and summarising financial transactions of a business for an accounting period. Let’s know by definition what is financial accounting. This is done for the purpose of determining profit and loss of the business and its financial position. Definition According to Smith:- Financial Accounting is …
what is financial accounting? And its Nature and limitations Read More »