Finance FAQs

How many accounting standards are currently published?
There are total of 9 accounting standards. ...... More »
What is meant by public accounting?
Public Accounting is best known for providing audits, CPAs who work in public accounting review company financial records for accuracy and accountability. ...... More »
What is the difference between accounting and bookkeeping?
Bookkeepers perform a critical function for the firms and organizations they serve. Regularly challenged to maintain precise and accurate records, bookkeepers produce the vital reports that keep management up to date on the financial condition of ...... More »
What is Purchase returns Accounting.
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier". ...... More »
What is mutual fund sub accounting?
Mutual fund sub accounting is a way to "clear" (the process of buying and selling) the mutual fund transactions. An intermediary record keeps all of the individual shareholder account information, such as the individual balances and individual tra...... More »
What are Source documents in accounting?
Source documents are those documents in which all kinds of business transactions are recorded. These include invoice, sales order, purchase order, debit note, credit note, goods received note; goods dispatched note, quotation, statement, remittanc...... More »
What are the basic assumptions in accounting?
Economic Entity Assumption Going Concern Assumption Monetary Unit Periodicity Assumption ...... More »
What is computerized accounting?
Accounting is the method in which financial information is gathered, processed, and summarized into financial statements and reports. The purpose of accounting is to provide information used in decision-making. Accounting may be viewed ...... More »
What is the basic accounting equation?
Assets = Liabilities + Owners Equity ...... More »
What is the definition of manual accounting?
It is recording accounting transaction without the use of computer. ...... More »