Financial Accounting

Before understanding the nature and scope of financial accounting, it is crucial to understand the need for it. Suppose you earn Rs 1 lakh a month. You would make a detailed budget to spend this money. You will put some money in your bank, other savings instruments and investments. With the rest, you’d draw up […]

Financial accounting refers to recording financial transactions, summarising and interpreting them, and communicating the results to the interested parties. Financial accounting determines profit earned or loss incurred during a given financial period and the financial position on the date when the accounting period ends. The final result of financial accounting is the profit and loss

Financial accounting is one of the branches of accounting that deals with the recording, reporting, and analysis of monetary transactions of a company. It starts with the recognition of transactions through journal entries, then posting them into ledger accounts and balancing them through trial balance. After recording, the next step is to draft accounting reports,

In accounting, bank reconciliation is the process by which an entity’s accounting records for a cash account are compared to its respective information in the bank statement. A bank statement, also known as a passbook in general terms, is a copy of the bank account of the entity, as shown by the bank records. It