Accounting terminology is the language of accounting. It is used to describe accounting concepts and terms such as income, expenses, assets and liabilities etc. These concepts are all essential elements in understanding how accounting works. The basic accounting terms include Trading and Non-trading Business Items One must have visited many business concerns. It might have noted the various … Read more
Definition of accounting Accounting is the process of recording, summarizing, analyzing, and interpreting financial transactions and information of a business entity. It involves the measurement, processing, and communication of financial and non-financial data to stakeholders, such as investors, creditors, and management, to assist in decision-making and financial reporting. Accounting principles and standards are followed to … Read more