Finance FAQs

What are the different branches of accounting ?
Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions. - Cost accounting is the branch of accounting ...... More »
What is accounting period?
This concept defines the unit of time for which accounting data are collected. It is hard to calculate and measure the profit if the business is trading for long periods. Therefore, accountants estimate profitability in the short segments of time ...... More »
What are the functions of accounting?
Accounting involves the creation of financial records of business transactions, flow of finance, the process of creating wealth in an organization, and summarizing the financial position of a business at a given moment in time. ...... More »
What are the nine accounting cycles?
1. Collecting and Analyzing Data from the occurred transaction. 2. Journalize Transaction. 3. The general journal entries are posted to the General Ledger, which is organized by account. 4. Prepare an unadjusted trial...... More »
What is a ledger in regards to accounting?
It is a complete set of accounts for a business entity ...... More »
What is accounting management?
Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves the analysis, planning, implementation, and control of programs designed to pro...... More »
What are the 4 phases accounting?
1. Recording 2. Classifying 3. Summarizing 4. Interpreting ...... More »
What is Use of statistics in accounting?
Well, in many accounting situations, there is too much data to go through all this. For example, if we are looking about Ford motor corp., and looking at some specific data, their may be too much to analyze, so we take a sample. Then we need to kn...... More »
Why are Accounting Standards necessary?
Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders including government, investo...... More »
How does outsourcing affect the economy?
In principle, outsourcing makes things a little cheaper and increase profitability. However, some things need to be done 'in house'. For example, some employers (largely) outsource recruitment to key posts. The people making the decisions ...... More »