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Accounting terms and Finance,Small dictionary of accounting and financial terms.We have collected 100 PRACTICAL BASE ACCOUNTING  TERMS FOR STUDENTS Action: It represents the portion of a certain fraction of the capital of a corporation (open or closed), which may be preferred or ordinary. Preferred shares are those that the holder has the right to receive a fixed … [Read more...] about Glossary of 100 Best Accounting Terms

A journal i s also called d a book of original entity. The process of re- cording entries in the journal is called journalizing'. The record of each transaction in the journal is called the journal.Under double-entry bookkeeping the written record which is made of the debit and credit elements of a transaction is called the “entry’' for the transaction. The sum of the debit … [Read more...] about What Is Journal In Accounting

One of the prime functions of accounting is to provide management with financial information and guidance — presented in understandable financial statements and records. This information and guidance should summarize, eflectivelv, ( 1 ) the past operations of a business for, say, a month, three months, six months, or a year, as the case may be, and (2) tlie financial condilion … [Read more...] about 8 Functions of Accounting

The Financial Accounting Foundation (FAF) is the non-profit corporation organized by the AICPA and co-sponsored by four other private interest  to operate the Financial Accounting Standards Board (FASB), which sets accounting standards.* Those groups are the Financial Executives Institute, the Xational Association of Ac- countants, the American Accounting Association, and the … [Read more...] about What Is The Financial Accounting Foundation (FAF)

the American Institute of Certified Public Accountants (AICPA) is the first major step in the process by which the "Big Eight" firms are able to control the establishment of accounting standards used by their corporate clients. The AICPA is the largest professional association of CPAs and the most important private group affecting the practice of accounting. It dominates all … [Read more...] about What Is American Institute of Certified Public Accountants (AICPA)