Non-Integrated Accounting System is a method where financial accounting and cost accounting are maintained in two separate sets of books. […]

Integrated Accounting System is a method where financial accounting and cost accounting records are maintained together in a single unified […]

Closing stock appears as a current asset and affects gross profit, but its accounting treatment varies by method. Some treat […]

Opening Balance in accounting refers to the amount carried forward from the previous accounting period into the current period. It […]

A Chart of Accounts (COA) is a structured list of all account categories used by a business to record its […]

Subsidiary books are specialized books of original entry used to record similar types of transactions in a dedicated format. They […]

The Profit and Loss Account shows the net result of all business operations for a given period. It records all […]

Methods of accounting refer to the techniques used by a business to record financial transactions and determine when income and […]

The core elements of accounting define the structure of financial recording under the double-entry system. They explain how transactions are […]

The Golden Rules of Accounting are essential for determining whether an account should be debited or credited in any transaction. […]