All accountants are engaged in recording and analyzing business transactions, bookkeeping, and assessing the monetary capabilities of companies and organizations. For this objective, The Firms Act, 1956, has prescribed the types and schedules of accounts in which financial statements are to be ready. For the reason that Companies Act makes correct provisions for the disclosure of important data referring to accounting data, concealment of material data-is particularly restricted.
The transactions recognized are then analyzed to find out the accounts affected and the amounts to be recorded. The accounting cycle is a series of account-associated steps throughout an accounting interval, usually … Read More