The key Areas of Accountancy

Accounting Basics: Accounting Basics is the foundation of the subject. It is introduction to the subject, thus include everything accounting principle, components, financial statement, Cash Flow

Accounting Information System: Accounting Information System is regarded as collection and processing procedure of data in a manner useful to specific users.

Auditing: traditionally, auditing was done to know the financial system and records of the company. Today the scope has been widened to include security, safety, environmental and other concerns.

Balance Sheet Demystified: Balance sheet refers to the summary of the company’s or organization’s financial balances. It includes details about the assets, liabilities, and equity of the business firms.

Bookkeeping: It is the practice of recording business transaction and accounts. Every single transaction happening in a day is recorded and tallied at the end of day and month.

Cost Accounting: Cost Accounting is a recording of costs of the business. It is used by management for planning, controlling and decision-making.

Decision Making: It is choosing the best option from the available alternative choices.According to accounting, a decision involving least cost and maximum revenue is considered best.

FIFO Accounting: First in First out methodology refer to asset management and valuation.According to this methodology, the assets acquired or manufactured by the business first are to be sold or disposed of first.

Financial Accounting: Financial accounting is related to recording, classifying, summarizing and analyzing financial transactions of the business and preparing financial statements relating to the business.

Time Value of Money: The time value of money refers to the value of the money in present and future. It is believed that the value of money in the present is more compared to future value, as it has to potential to earn.

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Truth of life "CHESS"

When I was small I used to play chess with my parents. We used to spend some good quality time together while playing chess. I won sometimes and sometimes I but I used to be happy as I was surrounded by them. Though chess is an indoor game still it teaches us lots of things "IN LIFE, OF LIFE, FOR LIFE". It teaches you to be patient, as a game takes 4-5 hours to complete or may be more while playing thoroughly. It teaches you to attentive all the day round as you are also at battle field of life. Sometimes surrounded by good people, who are your teammates, near and dear ones, whom you can trust and sometimes those are your rivals, enemies, competitors, awful, unethical people. Depending which phase of life or game you are in. There is hardly any difference between life and chess. When we are at Opening game (when we are kids) we dont have issues, problems, tensions, we are learning, becoming strong, positing ourself. Same goes with the game and the life. We are...

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