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Advantage of Accounting Some Common advantage of accounting are discussed below : Consolidation of Business Work : It systematically records all financial transaction related to the respective year in the account books.Because of their size and complexity, it is not possible to remember each and every transaction for a long time. Financial Statements Preparation :   Financial reports such as Trading and report for gain and loss, Balance Sheet can be easily done if transactions are properly recorded. For the preparation of the entity's financial statements, proper recording of all financial transactions is very important.  It easily facilitates the comparison of year – to-year financial results. The management may also analyse the systematic recording of all financial transactions in accordance with the entity's policies. Decision Making : Decision-making is easier for management if the financial transactions are properly recorded. Accounting data allows man

It would be nice to know when that interest is applied to your balance and how quickly the fund will expand when you earn interest on your savings. Together with the interest rate, an account's accrual and compounding terms decide the total earnings on your assets. Factors generally used for interest earnings are daily accrual with quarterly compounding. Interest can accrue on any time schedule; common periods include daily, monthly and annually. Daily accrual, for example, means interest amounts are added to the account balance every day. Some modern computations have interest accrue continuously based on mathematical formulas that slice time more and more finely as time approaches zero. Accrued Interest In financial terminology, "accrues" means the same thing as "accumulates." Interest is considered accrued when it is added to the balance on the account, which accrues on loans such as a mortgage, on savings accounts, student loans, and on other investmen

India is one of the world's fastest developing countries, but as you've noticed it's still a developing country, even after over 60 years of independence India is still branded as a developing country. In our country, the rate of development is lower and lower than in other countries.Most people in our country know and have an awareness that India is a developing country, but people do not focus on the issues that need to be properly managed to make our country development. As an Indian citizen I can see, there are miles to go to make our India a developed country. Is India a developing country? Yes, India is a developing country but there are a lot of issues and reasons behind Lack in the development criteria of India. There are many issues that keep us and our country from progressing. We as an individual are not growing hence our country is also not getting develop, Every individual in our country must have the guts to take responsibility i

What is accounting? Meaning : Accounting is all about the process that helps to record, summarize, analyze, and report data that concerns financial transactions.  The first and foremost task to be accomplished by accounting is to document the various transactions that are made within the business. This can also be called bookkeeping, which is a method of identifying and documenting transactions. Book-keeping is only concerned with the recording segment and nothing else. Accounting maintains a few books for the cause of recording. The method is performed in a systematic manner. Definition of Accounting Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks. Types of Accounting Th