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Non-Integrated Accounting System is a method where financial accounting and cost accounting are maintained in two separate sets of books. […]

Integrated Accounting System is a method where financial accounting and cost accounting records are maintained together in a single unified

Closing stock appears as a current asset and affects gross profit, but its accounting treatment varies by method. Some treat

Opening Balance in accounting refers to the amount carried forward from the previous accounting period into the current period. It

A Chart of Accounts (COA) is a structured list of all account categories used by a business to record its

Subsidiary books are specialized books of original entry used to record similar types of transactions in a dedicated format. They

The Profit and Loss Account shows the net result of all business operations for a given period. It records all

Methods of accounting refer to the techniques used by a business to record financial transactions and determine when income and

The core elements of accounting define the structure of financial recording under the double-entry system. They explain how transactions are

The Golden Rules of Accounting are essential for determining whether an account should be debited or credited in any transaction.