BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Accounting is the process of tracking and recording financial activity. People and businesses use the principles of accounting to assess their financial health and performance. Accounting also serves as a useful way for people and companies to honor their tax obligations.

Detailed explanation-2: -A basis of accounting is the time various financial transactions are recorded. The cash basis (EU VAT vocabulary cash accounting) and the accrual basis are the two primary methods of tracking income and expenses in accounting.

Detailed explanation-3: -Although the guidelines for accountants are extensive, there are five main principles that underpin accounting practices and the preparation of financial statements. These are the accrual principle, the matching principle, the historic cost principle, the conservatism principle and the principle of substance over form.