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Objective The IAS - 1 standard describes how to present the financial statements to ensure comparability among:       1.     Entity’s Financial Statements       2.      Financial Statements of Other Entities International Accounting Standards Committee (IASC) International Accounting Standards Committee is an independent body of the accounting profession. The purpose of this body is to oversee and guide the process of standard setting decision of IASB. In 1 st April, 2001, its authority was transferred to IASB. Note: Auditor or Chartered Accountant is the person who oversees theses Standards in details. International Accounting Standard Board (IASB) This board is responsible for the issuance of new accounting standards. The purpose of this board is to guide the standards in order to ensure fair presentation of financial statements to users of financial ...

Before understanding Accounting Information Systems, we must understand about Accounting information which means the information describes in the form of accounting data that is meaningful to all of the Users of Financial Statements such as owners or shareholders, internal management, employees, customers, government agencies, etc. For example, Net Income for the year, Balances of Assets , Liabilities  and Equity , Cash Inflow and Outflows, etc. are calculated that provides relia ble fi na ncial  i nformatio n a bout compa ny's fi na ncial positio ns a nd Cash flows duri ng the accou nti ng period. Accounting Information must be provided economically, All the costs utilized for producing it must be cost effective. For example, the company installed technology like Quickbooks, then the cost of installation should be less than the output i.e., Prevention of Errors and Frauds, maximization of Net Income at minimum cost. Types of Accounting Information ...

How To Do Ledger Posting / How To Make Ledger Accounts / Ledger Meaning / Ledger Entry Format / How To Make Ledger From Journal / T Accounts Format / What is General Ledger / Ledger Account Format King of Accounts Ledger is the third step of the Steps in the Accounting Cycl e . Ledger tells us more than Journal . The Journa l only tells you about what types of Accounts you record in it and what are changing taken place in it but does not tell you about the results of specific accounts separately. You do not know how much we have balances for our Assets , Liabilities and Owner’s Equity . What are the total Expenses incurred in the business and the Revenues generated by those expenses? This problem is solved by the ledger called main books of accounts, because all the Transactions recorded in the journal are finally posted to ledger according to its classification. With the help of ledger you know how many cash the business has for running and ope...