In Double Entry Book Keeping, all the accounting transactions are first recorded in the primary andsubsidiary books, such as Journal Proper, Purchase Register (Book), Purchase Return Register (Book), SalesRegister (Book), Sales Return Register (Book) etc.Then the respective entries passed in the above primary and subsidiary books are transferred (posted) torespective ledger accounts.
Standard means a 'set guideline' followed, when different alternatives are available in a given situation. Accounting Standard means a 'set guideline' followed, when different alternatives are available for accounting, in a given area of accounting, by a business/professional organisation.In India 'Accounting Standards' are given by the 'Institute of Chartered Accountants of India (ICAI)'. According to ICAI, 'Accounting Standards' are written documents containing the 'Generally Accepted Accounting Principles (GAAP)', in a given area of accounting.
Land, Labour Capital (i.e. Finance) and Organisation are the four basic constituents of business. Finance more particularly plays a pivotal role in every business firm. Finance here means the money required to start, carry out and continue the business. It is represented by the assets composition of the business. It is said to be the lifeline of the business.
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