In Accounting, the term ‘transaction‘refers to any event which is measurable in the terms of money and which changes the financial position of the business concern.
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It is for the same reason capital is presented on the liabilities side of the balance sheet. But, though capital is entered on the liabilities side of the balance sheet, it is distinct from liabilities
Attributes of accounting are self-mentioned in the meaning & the definitions of accounting and can be seen as stages of accounting cycle. Read more details.
Bookkeeping explained in detail. It is recording, analyzing and interpreting the financial data relating to business operations in a significant and orderly manner.
Main branches of accounting include Book-Keeping, Financial Accounting, Management Accounting, Auditing, Fund / Government Accounting, Tax Accounting and few more.