Double Entry System in Accounting

A double entry system of accounting was devised with the concept that each transaction has dual effect. Two effects of each transaction are recorded on the basis of universally accepted debit and credit rules of accountancy. Double entry system is based on subsidiary...

Cash and Accrual Basis of Accounting

Cash basis of Accounting In cash basis of accounting the prevailing concept is that transactions will be entertained on the actual receipt or payment of cash. More broadly income will not be booked until it is actually received in the form of cash and expenditures...

What is Cost Accounting

Cost accounting is a subject dealing with the appraisal of overall costs in producing and selling the goods or rendering services by an organization. Normally it is based on standard practices and is used by the managers as a system of assessing what expenses and how...