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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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Generally Accepted Accounting Principles (GAAP) and Accounting Concepts

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Hello Friends. In this blog we discuss    Generally Accepted Accounting Principles (GAAP) and Accounting Concepts .   Accounting  is commonly described as a language of business. As rules of grammar exist for language, similarly accounting principles exist for accounting. Accounting principles, concepts, conventions commonly known as Generally Accepted Accounting Principles(GAAPs) . GAAPs are those principles which are the theory base of accounting, under these principles financial statements are prepared, or say they are the guidelines to prepare the financial statements. Table Of Contents Meaning of Generally Accepted Accounting Principles The Generally Accepted Accounting Principles(GAAPs) are the accounting rules that are accepted by accountants based on which transactions are recorded in the books of accounts and financial statements are prepared.These rules or guidelines adopted for recording and reporting business transactions,...
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