What is the accounting process? Various Steps Explained
The accounting process is a methodical procedure that organisations employ to account, analyze, and interpret business transactions. In other words, the accounting process is a series of steps that businesses follow to record, classify, summarize, and report their financial transactions. It is a cyclical process that typically takes place over an accounting period, which is […]
What are accounting estimates in financial accounting?
We have learned how to measure a transaction that has already occurred or taken place and for which either some value /money has been paid, or some valuation principles are to be adopted for their measurement. But certain items can not occur and cannot be measured, but they are necessary to record in the books […]