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Journals and Ledgers Explained

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In this tutorial we get to know about Journals and Ledgers which is a very important part of accounting. We prepare Journals and Ledgers to keep track of our company's transactions. Recording of transactions in a systematic manner comes under the process of Bookkeeping. So, lets find out what are these topics Journals and Ledgers meant to be. Table Of Contents Meaning of Journal Under the system of Double Entry Bookkeeping transactions are primarily recorded in the Journal, Journal is the primary book of accounts in which transactions are first recorded in the books of accounts in a chronological order(dates as they occur). In other words, a journal is a detailed account which records all the financial transactions of a business in a chronological order, it is a book of original entry in which transactions are written before they are posted in a ledger. Journal helps to review the effect of the transaction on the business which is shown for each trans...
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International Financial Reporting Standards(IFRS)- Concept, Meaning and Assumptions

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Hello Friends today we learn about  International Financial Reporting Standards(IFRS)  The international Accounting Standards Committee (IASC) found in 1973 which is replaced by International Accounting Standards Board (IASB) in the year 2001 which now issues International Financial Reporting Standards (IFRS) . The objective behind setting up the IASC and later IASB was to develop accounting standards that would be acceptable worldwide to produce and present financial information based on similar accounting standards and improve financial reporting internationally. Table Of Contents Meaning of International Financial Reporting Standards(IFRS) International Financial Reporting Standards(IFRS) are the set of Accounting Standards developed by International Accounting Standards Board (IASB) in the year 2001. IFRS are referred to as principles-based accounting standards because standards issued by IASB are based on sound and clearly stated principle...
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Systems of Accounting and Accounting Information System(AIS)

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Today we study about the  Systems of Accounting  and Accounting Information System (AIS) . There are two types of accounting systems. The first is Single Entry system of accounting and another is Double Entry System of Accounting. Today We discuss both the systems in detail. Table Of Contents Double Entry System of Accounting Meaning of Double Entry System of Accounting- There are two aspects of Double entry system of accounting i.e, Debit and Credit. Debit is denoted by Dr. and Credit is denoted by Cr. in the language of accounting. In double entry system of accounting we records both the aspects of any financial transaction. So, at the time of recording the transaction, it is recorded once on a credit side and again on the credit side. A Double entry system will maintain complete records and also gives proper financial results Let us take an example to clarify this:- ABC Ltd. purchases raw material for their further manufacturing process in business...
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