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Accounting Fundamental Assignment

   

Added on  2021-01-01

10 Pages3097 Words196 Views
ACCOUNTINGFUNDAMENTALS

INTRODUCTIONAccounting is broadly using in the business, it important part of the business becausewithout accounting business not survive financial statements. It is a language of the accountingthat are using for communicating with lenders, creditors and debtors (Banerjee, 2014). Inaccounting terms have many complexes terms that are helping to solve equation of theaccounting. These fundamentals define businesses success and failure to understand financialterms. Fundamentals of accounting applying on the business as principles of the accounting. In this report covers explain the nature, behaviour and purposes of cost accounting andapply cost accounting concepts, techniques and methods to business transactions. Review thebasic principles of accounting and which software’s are used for accounting. Prepare of financialstatement from initial data with the help of routine and non- routine transactions, after thatanalysis of financial statement with confidence. MAIN BODYAccounting as a means of communication Accounting is using as a language in a business that helps to communicate internal andexternal peoples. For present financial statement of business using accounting language that areshows effective communication in business dealing with employees and outsiders. Fundamentals concepts of accountingThe concepts of accounting are essentials part of the organization that are divided into 8parts, they are as follows – Separate entity concept – According to this concept owners and business have different entityand accounts that are keeping separate (Biondi and Giannoccolo, 2015). Even in partnership andproprietorship, the accounts of the business keep separate from those owners. Money measurement concept – In this concept taking that items in financial statements that aremeasures in money. Non- monetary items do not show in financial statement, because monetaryitem shows financial situation of the business. Going concern concept – From this concept assumes that business will be going continue forfuture operations. So enterprises do not show financial statements and future operations of thecompany due to confidential. 1

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