ACCOUNTING EXPERTISE

A.            *****ACCOUNTING***** Hi freinds  🙏.,             Today's discuss 4th accounting principles...  So let's discuss...  ★ CONSISTENCY :-  The concept of accounting consistency refers to the principle that companies should use the same accounting methods to record similar transactions over time. ... Companies are not allowed to change from one method to another in a current year then back to the previous method the following year. ★ Why is consistency Important role in business :- Consistency develops routines and builds momentum. It forms habits that become almost second nature. ... Consistency is especially important in business. Restaurants, for example, must be consistent, because customers come in expecting the same good food all the time.         Consistency is the key to success. Consistency leads to habits. Habits form the actions we take every day. Action lead...

A.              *****ACCOUNTING***** Hi freinds  🙏.,             Today's discuss 3rd accounting principles...  So let's discuss...   3. CONSERVATISM :-  Accounting conservatism is a principle that requires company accounts to be prepared with caution and high degrees of verification. All probable losses are recorded when they are discovered, while gains can only be registered when they are fully realized. Conservatism principle is the accounting principle that concern about the reliability of Financial Statements of an entity. ... For example, without using this concept, the accountant could manipulate the accounting records where those transactions are not reliable. Then, the financial statements result unreliable.   ★ Importance of conservatism in accounting :-  In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible f...

A.            *****ACCOUNTING***** Hi freinds 🙏.,            Today's discuss 2nd accounting principles...  So let's discuss...   2. REVENUE RECOGNITION :- revenue recognition principle definition.:- The accounting guideline requiring that revenues be shown on the income statement in the period in which they are earned, not in the period when the cash is collected. This is part of the accrual basis of accounting (as opposed to the cash basis of accounting).  ★ Criteria for revenue recognition :-  Before revenue is recognized, the following criteria must be met: persuasive evidence of an arrangement must exist; delivery must have occurred or services been rendered; the seller's price to the buyer must be fixed or determinable; and collectability should be reasonably assured. ★ Types of revenue recognition :-  1. Sales basis method :-  With the sales basis revenue recognition methods, revenue is rec...

 A            *****ACCOUNTING***** Hi freinds.,           Today's discuss what to learnt in accounting ?     1. Accounting principles.     2. Basic accounting concepts.     3. Accounting terminologies.     4. Accounting exercise and prectices.     5. Modern accounting trends.     6. Importance and benefits of accounting. So let's discuss 1st topic in learning section of accounting..     1. Accounting principles :-  Accounting principles are the rules and benchmarks in field, co. Should follow while reporting financial statements. Common set of accounting standards U.S. based is GAAP (Generally accepted accounting principles).  Total 13 principles of accounting let's discuss one by one.     1. Economic entity :-  In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles. Almost any ty...

A.              *****ACCOUNTING***** Hi freinds.,                Today discuss 5th or final fields in accounting.      * FINANCE :-                 the money you need to start or support a business, etc.               Finance is the management of money, particularly in relation to companies, organisations, or governments. Specifically, it deals with the questions of how and why an individual, company or government acquires the money needed - called capital in the company context - and how they spend or invest that money.   For eg:-  Finance is defined as to provide money or credit for something. An example of finance is a bank loaning someone money to purchase a house.        #Father of finance:-                        Dr. Eug...

  A.           *****ACCOUNTING***** Hi freinds.,                Today discuss 3rd and 4th fields in accounting.      * Communication -                     the act of sharing or exchanging information, ideas or feelings.                    Communication is simply the act of transferring information from one place, person or group to another. Every communication involves (at least) one sender, a message and a recipient. ... These include our emotions, the cultural situation, the medium used to communicate, and even our location.         * Best definition of communication :-                        The best defination of communication is - “communication is the process of passing information and understanding from one pe...

      A          *****ACCOUNTING ***** Hi freinds.,                Today discuss 2nd fields in accounting.   * Analysis and forecasting   :-          1.  Analysis :- the examination of the different parts or details of something.                Analysis is the process of breaking a complex topic or substance into smaller parts in order to gain a better understanding of it. The technique has been applied in the study of mathematics and logic since before Aristotle (384–322 B.C.), though analysis as a formal concept is a relatively recent development.        *Purpose  of analysis :-                         A systematic examination and evaluation of data or information, by breaking it into its component parts to uncover their interrelatio...