Accounting

What is Managerial Accounting? Definition, Role, Job and Objectives

5.0 06 Introduction to Managerial Accounting: Financial management is integral part of overall management. Managerial Accounting is also called as Management Accounting. Managerial finance deals with the managerial significance of finance assessments to determine the effectiveness of the business internally and externally. Questions asked in an annual report depicts the very difference between a managerial …

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Income Tax Slab, Deductions, Limitations of Tax Planning in India – F.Y. 2019-2020

5.0 13 Most of the people don’t know that they are paying tax on everything. Here we are going see about income tax slab for FY 2019-20, income tax deductions for AY 2020-21, 80c deduction for FY 2019-2020, income tax exemptions, limitations of tax planning in India, income tax rebate, tax planning strategies and related …

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Financial Ratio Definition, Examples and Ratio Analysis Interpretation

5.0 07 Financial Ratio Definition: The financial ratio or financial indicators are coefficients or reasons that provide financial and accounting units of measurement and comparison, through which, the ratio (division) together two data direct financial, allow analyzing the state current or past an organization to function at optimum levels defined for it. The Financial Ratios …

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What is Cash Flow Statement? Definition, Example, Format and Cash Flow Report Analysis

5.0 06 Cash Flow Statement Definition: Cash flow statement is one of the new financial statements that the company has incorporated reform of 2007. This is a state that reports on the use of monetary assets such as cash and cash equivalents categorizing the changes by activities and indicating the net change of such magnitude …

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What is Qualitative Data Analysis? Definition and Methods to Measure Performance

5.0 04 Qualitative Data Analysis Definition: Qualitative data analysis is a process of evaluating industrial data based on subjective data. For example: quality of innovative work, management decisions, industry model, relationship with other business entities, productivity, etc. This data is examined based on different types of ratio from various accounting statements, profit / loss statement …

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How to Analyze and Read the Annual Report of a Company for Financial Analysis?

4.8 06 Every company is required by the SEC (Securities and Exchange Commission) to provide annual reports to shareholders and the general public. These reports contain important financial information, as well as summaries of the progress of the companies by the CEO, Board members, etc. an investor can use annual reports to decide whether or …

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Branches of Accounting or Different Types of Accounting

4.8 20 There are several branches of accounting to maintain accounts at present. Different types of accounting that range from maintaining records, auditing to preparing income tax returns. Accounting professional trend to specialize in one of these field as their career option as accountant. Branches of Accounting (or) Different Types of Accounting: Here we will …

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What is a Balance Sheet? Definition, Format and Example of Balance Sheet

5.0 09 Balance Sheet Definition: In financial accounting, “Balance sheet is a financial statement summary report of an assets, liabilities and equity capital of an individual or a company or an organization at a specific given time”. This provides adequate information to investors, shareholders or a group about the company’s financial strength at given point …

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What is a profit and loss statement or Income Statement? Definition with Examples

5.0 09 Profit and Loss Statement Definition: Under financial accounting, “profit and loss account, statement of revenue or loss, financial performance statement, operating statement, earnings statement, statement of profit and loss, P&L statement, Income statement all this terms refers to Profit and Loss statement of the financial reports”. This statement shows the revenue and expenditures of …

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What is a Trial Balance? Definition, Examples and Limitations of bookkeeping

5.0 05 Trial Balance Definition: In Accounting, Trial balance is a consolidated list of all the general ledger accounts of the business. Debit balances of ledger accounts will be listed across debit column of trial balance. Whereas Credit balances of ledger accounts will be listed across credit column of trial balance. Information listed on this …

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What Is a General Ledger? Definition, Format and Example of General Ledger

5.0 08 General Ledger Definition: In a financial accounting, super set of accounts that summarize records of transactions occurred during a specified period for a business or an organization is called as General Ledger Account. All the credit and debit balances of ledger account should be equal. This information is then used to prepare financial …

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What are Journal Entries? Definition, Format and Examples of Journal Entry

5.0 12 In accounting system, Journal entry consists of transactions which are either a credit or debit transactions. Total of debit and credit journal entry transactions are unbalanced.  Journal entry can record unique or recurring transactions. Therefore, Journal entry transactions directly affect the balances of general ledger accounts. “Journal entry is a method of posting …

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Steps in Accounting Process / Accounting Cycle

4.9 09 “Accounting process is also referred as accounting cycle”. Traditional accounting methods are been changed in today’s accounting software. But still accounting process or accounting cycle remains the same irrespective of traditional or modern accounting methods. Steps in Accounting Process / Accounting Cycle: Here we will provide the detail explanation on accounting process steps / …

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What is Double Entry System? Definition with Examples of Bookkeeping System

5.0 14 Double Entry System Definition: In accounting, double entry system means every transaction requires corresponding opposite entry into another account. For example: Mr. David received Rs.5,000/- as income. In this scenario, two journal entries would look like this: debit Rs.5,000/- into cash a/c and credit Rs.5,000/- into income’s a/c. Debit and credit of journal …

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What is a Single Entry System? Definition, Format, Problems and Example

5.0 41 Single Entry System Definition: A single entry system is a method of maintaining financial information thru one sided accounting entry. It method is also known as single-entry accounting system. Normally small businesses preferred to maintain single-entry bookkeeping system with records of minimum necessities. Single entry system example: such accounting system is pretty good to …

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