We will explain to you all terms related to Advance Financial Accounting in this Tutorial in a very simple and easy way.
Meaning of Financial Accounting:
Basic or initial level accounting in which we are recording, summarising and analyzing day to day transactions of the particular business is called financial accounting. and at the end, we will get to know about the financial position of a business or an organization by preparing Profit/loss and balance sheet of business in a particular financial year.
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Advanced Financial Accounting: –
In financial accounting tutorial, we have covered all topic related to the sole proprietorship and now In this chapter, we will try to cover all topic related to Not for profit organisation and partnership firm: –
Example of Not for profit Organisation in India: –