Bookkeeping and Accounting

Branches of Accounting

There are following three main branches of accounting: (1) Bookkeeping. (2) Financial accounting. (3) Managerial accounting. Definition and Evolution of Bookkeeping: Firstly accounting is related…
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Accounting Equation

The whole system of accounting has developed from the same basic tenet of a single equation. As a business does not own any thing at…
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Business Transaction

We should know that accounting equation is only affected when business enters into a transaction. The term transaction is defined below: Definition: Business transaction is…
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Balance Sheet

Balance Sheet or Statement of Financial Position – Definition: The balance sheet (statement of financial position) is a statement (not an account) which shows financial…
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