Compare & Contrast Of Accounting

A. Accounting and Economics:

 It may be said without doubt that Accounting, as it stands during the present days, is closely related with modern micro and macro economic concepts. Economics points out to the prominent economic problems of personal and social life, and their possible or probable solutions. Economics deals with the problems pertaining to want and shows the ways of possible or probable solutions of these problems from the point of view of an individual and also from the point of view of the Society as a whole. Further, the subject of economic also points out the paths of procurement of Finance and frames various financial rules for the solution of diverse financial problems. Economics thus, mainly deals with finance. Accounting also is better known as Financial Accounting. Transactions here are always financial transactions. Accounting shows us the way of how the systematic and proper recording of such transactions can be made of how the systematic and proper recording of such transactions can be made into the Books of Accounts. This subject also lets us know the process of preparation of Financial Final Accounts and some Financial Statements like Balance Sheets etc. So we see that both are interrelated through the core-matter of finance. The nature of accounting transactions cannot be clearly understood and analyzed without the knowledge of economics. Again, Effective Cost Control, creation of Reserves, Provisions and Sinking Funds and preparation of Budgets and Budgetary Control also require a pretty good knowledge of contemporary economics. On the other hand, if an economics is well-conversant with the accounting customs and conventions, principles and postulates, usages and doctrines, then he can easily understand the nature and movements of the business world. Specially, for the accurate analysis of exchange rates, balance of payment position, public distribution system, tax structure, Revenue System etc., it is better for the economist to have at least some knowledge of accounting. For the above reasons present-day accounting is called “Economic Accounting.” So, if we are to learn the subject of accounting well, we are to know the Economics of Accounting.
    

B.Accounting and Engineering:

Modern Accounting is closely related to Engineering. In any Engineering firm, if one is to calculate correctly the Cost of Production, percentage of profit or Sale Price, one ought to know Accounting and Costing. Cost minimization, Cost control and cost calculation of engineering products cannot be made unless we know the principles of Costing and Accounting. Again, an accountant of an engineering concern should also have some knowledge of engineering and should know something about machines or machineries if he is to perform his work of accounting well. Moreover, in all the factories of business concerns there are always some machineries and if the accountant is to calculate annual depreciation etc. of those machines, he should have some knowledge about eh nature and activities of those machines. So, today, it cannot be denied that for efficient management of machines, for proper upkeep and maintenance of the machines, for future development and extensions of factories and for future replacement of appropriate machines, engineers are in need of accountants and the accountants are in need of the engineers. Therefore, it can be said that Accounting and Engineering are totally dependent on each other. 

C. Accounting and Law:

In the modern world, all the societies are governed by various rules, regulations and laws imposed on all levels by the Sovereign Governments. Thus, the business units everywhere, whether big or small, are strictly tied up by different rules and regulations. Statutory concerns or Limited Companies are the glaring examples which are absolutely controlled by Acts. So, in almost all the countries, there are various industrial Acts, Industrial Disputes Acts, Companies Acts, Partnership Acts, etc. If the accountant does not know anything about these acts, it will not be possible for him to prepare the accounts properly and also to draw out the final accounts for submission to proper legal authorities. Further, the preparation of sales-Tax Returns and Income-Tax Returns will also become difficult for him if he is ignorant about these laws. He should also know the Financial Rules and Orders issued time to time by the Government so that he can assist the management in a better way. The accountant should also possess sufficient knowledge about social and criminal laws in order to perform the audit work efficiently. He should study the Case-Laws as well. So, it can be said that without the proper study of Law, knowledge about accounting cannot be complete. On the other hand, a successful Lawyer also should have at least some knowledge of accounting as in modern days, a considerable portions of the disputes is concerned with discrepancies of accounts and defalcations of money. So, now-a-days, it becomes impossible to separate law from accounting. Accounting and law are therefore considered as two branches of the same tree.

D. Accounting and Statistics:

As a matter of fact, it is very difficult to look upon Accounting and Statistics as two different subjects. Both are so similar as they appear to be the same. The task of a statistician is to collect data from different sources, to analyses the collected information and data in a very systematic manner and to draw a conclusion from the analysis. The accountant also collects various information and data from different accounts and statements. He also makes a systematic analysis of those data and presents the results of his analysis to the management of the business. Thus, he prepares Line Charts, Bar Charts, Pie chart etc. which the statistician also does. the accountant helps the management take important decisions with these statistical Charts. So, we see that a statistician sometimes collects accounting data and an accountant sometimes uses statistical methods. The two subjects are, therefore, compensatory to each other. They are therefore, very similar to each other. The only difference is that the accountant uses the knowledge of statistics in analyzing only the financial transactions but the domain of work of a statistical is not confine to accounting data only, his world of work is very wide, leaving almost nothing on the earth and space. The work of a statistician is all pervasive. So, we may conclude that Accounting and Statistics are very closely related. 

E. Accounting and Mathematics:

 If we think very deeply over the matter, it appears that accounting is only a branch of Mathematics. That is why Luca Pacioli appended his double entry system of book keeping with treatise on mathematics. It is only because of a close similarity between accountancy and mathematics in his mind. Actually in accountancy also he used all the numerical, the ratios, the percentages, etc. as used by the mathematicians. So in almost all cases of accounting mathematical approach is essential. An accountant will prove useless if he does not know mathematics. One cannot perform the work the work of accounting like recording the transactions, posting into the ledger, casting of the ledger accounts, balancing of the ledger accounts etc. If he has no knowledge of Mathematics. On the other hand, mathematicians also have enriched their subject by drawing many examples and illustrations from accounting. That is why, now-a-days, we see a new addition to the subject of Mathematics in the form of commercial Mathematics. So today, there is practically no difference between Accountancy and Mathematics. They are, therefore, more or less similar.
    

F. Accounting and Physics:

 Physics is treated as a pure science or general science or natural science. The main object of this subject is to analyze and explain the comparison of matters within and outside the world, their behavioral pattern, their increment and decrement and also their properties. On the other hand, accounting is a social science or behavioral science. The subject is concerned with financial activities and transactions of social human beings. Therefore, accounting cannot be treated as a science as physics is. The Accountant measures expenses, incomes, values, etc.and the physicist evaluates the properties of matter. The accountant measures the financial transactions and records them into the books of accounts and physicist measure and records the changes in the properties of the whole world. So there is a great difference between these two subjects. There is practically very similarity or no similarity at all between the two. Accounting is financial science and physics is a physical science. 

Compare & Contrast Of Accounting

A. Accounting and Economics:

 It may be said without doubt that Accounting, as it stands during the present days, is closely related with modern micro and macro economic concepts. Economics points out to the prominent economic problems of personal and social life, and their possible or probable solutions. Economics deals with the problems pertaining to want and shows the ways of possible or probable solutions of these problems from the point of view of an individual and also from the point of view of the Society as a whole. Further, the subject of economic also points out the paths of procurement of Finance and frames various financial rules for the solution of diverse financial problems. Economics thus, mainly deals with finance. Accounting also is better known as Financial Accounting. Transactions here are always financial transactions. Accounting shows us the way of how the systematic and proper recording of such transactions can be made of how the systematic and proper recording of such transactions can be made into the Books of Accounts. This subject also lets us know the process of preparation of Financial Final Accounts and some Financial Statements like Balance Sheets etc. So we see that both are interrelated through the core-matter of finance. The nature of accounting transactions cannot be clearly understood and analyzed without the knowledge of economics. Again, Effective Cost Control, creation of Reserves, Provisions and Sinking Funds and preparation of Budgets and Budgetary Control also require a pretty good knowledge of contemporary economics. On the other hand, if an economics is well-conversant with the accounting customs and conventions, principles and postulates, usages and doctrines, then he can easily understand the nature and movements of the business world. Specially, for the accurate analysis of exchange rates, balance of payment position, public distribution system, tax structure, Revenue System etc., it is better for the economist to have at least some knowledge of accounting. For the above reasons present-day accounting is called “Economic Accounting.” So, if we are to learn the subject of accounting well, we are to know the Economics of Accounting.
    

B.Accounting and Engineering:

Modern Accounting is closely related to Engineering. In any Engineering firm, if one is to calculate correctly the Cost of Production, percentage of profit or Sale Price, one ought to know Accounting and Costing. Cost minimization, Cost control and cost calculation of engineering products cannot be made unless we know the principles of Costing and Accounting. Again, an accountant of an engineering concern should also have some knowledge of engineering and should know something about machines or machineries if he is to perform his work of accounting well. Moreover, in all the factories of business concerns there are always some machineries and if the accountant is to calculate annual depreciation etc. of those machines, he should have some knowledge about eh nature and activities of those machines. So, today, it cannot be denied that for efficient management of machines, for proper upkeep and maintenance of the machines, for future development and extensions of factories and for future replacement of appropriate machines, engineers are in need of accountants and the accountants are in need of the engineers. Therefore, it can be said that Accounting and Engineering are totally dependent on each other. 

C. Accounting and Law:

In the modern world, all the societies are governed by various rules, regulations and laws imposed on all levels by the Sovereign Governments. Thus, the business units everywhere, whether big or small, are strictly tied up by different rules and regulations. Statutory concerns or Limited Companies are the glaring examples which are absolutely controlled by Acts. So, in almost all the countries, there are various industrial Acts, Industrial Disputes Acts, Companies Acts, Partnership Acts, etc. If the accountant does not know anything about these acts, it will not be possible for him to prepare the accounts properly and also to draw out the final accounts for submission to proper legal authorities. Further, the preparation of sales-Tax Returns and Income-Tax Returns will also become difficult for him if he is ignorant about these laws. He should also know the Financial Rules and Orders issued time to time by the Government so that he can assist the management in a better way. The accountant should also possess sufficient knowledge about social and criminal laws in order to perform the audit work efficiently. He should study the Case-Laws as well. So, it can be said that without the proper study of Law, knowledge about accounting cannot be complete. On the other hand, a successful Lawyer also should have at least some knowledge of accounting as in modern days, a considerable portions of the disputes is concerned with discrepancies of accounts and defalcations of money. So, now-a-days, it becomes impossible to separate law from accounting. Accounting and law are therefore considered as two branches of the same tree.

D. Accounting and Statistics:

As a matter of fact, it is very difficult to look upon Accounting and Statistics as two different subjects. Both are so similar as they appear to be the same. The task of a statistician is to collect data from different sources, to analyses the collected information and data in a very systematic manner and to draw a conclusion from the analysis. The accountant also collects various information and data from different accounts and statements. He also makes a systematic analysis of those data and presents the results of his analysis to the management of the business. Thus, he prepares Line Charts, Bar Charts, Pie chart etc. which the statistician also does. the accountant helps the management take important decisions with these statistical Charts. So, we see that a statistician sometimes collects accounting data and an accountant sometimes uses statistical methods. The two subjects are, therefore, compensatory to each other. They are therefore, very similar to each other. The only difference is that the accountant uses the knowledge of statistics in analyzing only the financial transactions but the domain of work of a statistical is not confine to accounting data only, his world of work is very wide, leaving almost nothing on the earth and space. The work of a statistician is all pervasive. So, we may conclude that Accounting and Statistics are very closely related. 

E. Accounting and Mathematics:

 If we think very deeply over the matter, it appears that accounting is only a branch of Mathematics. That is why Luca Pacioli appended his double entry system of book keeping with treatise on mathematics. It is only because of a close similarity between accountancy and mathematics in his mind. Actually in accountancy also he used all the numerical, the ratios, the percentages, etc. as used by the mathematicians. So in almost all cases of accounting mathematical approach is essential. An accountant will prove useless if he does not know mathematics. One cannot perform the work the work of accounting like recording the transactions, posting into the ledger, casting of the ledger accounts, balancing of the ledger accounts etc. If he has no knowledge of Mathematics. On the other hand, mathematicians also have enriched their subject by drawing many examples and illustrations from accounting. That is why, now-a-days, we see a new addition to the subject of Mathematics in the form of commercial Mathematics. So today, there is practically no difference between Accountancy and Mathematics. They are, therefore, more or less similar.
    

F. Accounting and Physics:

 Physics is treated as a pure science or general science or natural science. The main object of this subject is to analyze and explain the comparison of matters within and outside the world, their behavioral pattern, their increment and decrement and also their properties. On the other hand, accounting is a social science or behavioral science. The subject is concerned with financial activities and transactions of social human beings. Therefore, accounting cannot be treated as a science as physics is. The Accountant measures expenses, incomes, values, etc.and the physicist evaluates the properties of matter. The accountant measures the financial transactions and records them into the books of accounts and physicist measure and records the changes in the properties of the whole world. So there is a great difference between these two subjects. There is practically very similarity or no similarity at all between the two. Accounting is financial science and physics is a physical science. 

Accounting Cycle

Accounting Cycle:

A cycle means the happening of events in a systematic manner and recurring of the same at regular intervals. The accounting activities are undertaken in such a sequence that they form a cycle. That is why the term “accounting cycle” refers to the activities relating to the different stages involved in accounting process .As these steps are undertaken repeatedly is a sequential manner in each accounting period, as a whole they are identified and termed as a cycle.

The steps or phases involved in an accounting cycle are: (i) recording of financial transactions, (ii) classification and summarization of the recorded transactions and (iii) preparation of Trial Balance and Final Accounts. So each accounting cycle starts from recording of transactions in Journal and ends in preparation of financial statements.

The above stages of an accounting cycle are discussed hereunder:
(i) Recording: As soon as the financial transactions take place they are recorded in journal or primary books of accounts. Accounting process starts with the task of recording.
(ii) Classifying and summarizing: After recording the recorded transactions are classified into personal, real and nominal accounts and accordingly they are posted in different ledger accounts. The balancing of ledger accounts helps providing summarized information of classified transactions.
(iii) Preparation of Trial Balance and Final Accounts: At the end of a particular time span Trial Balance is prepared with the ledger balances to check the arithmetical accuracy of the first two accounting steps. Similarly at the end of a particular accounting period, to find out the end result of the transactions recorded in that period, a Profit and Loss Account is prepared. Along with the Profit and Loss Account a Balance sheet is prepared on the closing day of the accounting period to exhibit the claims owned and debts owed by the concern.

The above steps are followed in the same order in each accounting period. The concept of accounting cycle is further explained in the following diagram.

Functions OF Accounting

Functions of Accounting:

Modern Accounting operates within a broad socio-economic environment, and so, the knowledge required of the accountant cannot be sharply compartmentalized. It is therefore, difficult to discuss one area without relating to other areas of knowledge. We place a great emphasis on the conceptual knowledge. The accountant should not only know but he should understand.
From the above it is clear that no define accounting as such, is rather difficult. Many accountants have defined Accounting in very many languages.
However we can consider the following definition:
1.H.Chakravorty: “Accountancy is the science of recording, classifying and summarizing transactions so that relation with outsiders is exactly determined and result of operation during a particular period can be calculated, and the financial position as the end of the period may be shown.
2.A.I.C.P.A.: "Accountancy may be defined as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least of financial character, and interpreting the results thereof".
3.Taylor and Shearing: "Accounting may be defined as the art and science of recording business transactions in a methodological manner so as to show: (a) the true state of affairs of a business of a particular period of time and, (b) the surplus or deficiency which has accrued during a specific period."
It appears from the above analysis,that Accounting is basically concerned with recording of the business transactions, designing the types of records to be maintained, preparing the reports on the basis of those recorded data and transactions and interpreting those reports.Finally, Accounting is concerned with Communication of the results of the recorded transactions in the form of Final Accounts consisting of the Profit and Loss Account with different sections and the Balance Sheet with a number of reports and statements affixed at the end.Thus, the following are the main functions of Accounting:
1.Record Keeping: Accounting is to maintain systematic and chronological record of financial transactions and to post them subsequently to the various Ledger Accounts and finally to prepare the Final Accounts to find out the profit or loss of the business at the end of the Accounting Period.
2.Protecting of Properties: Accounting is to calculate the correct amount of Depreciation on Assets by choosing the appropriate Method applicable to any particular assets. any unauthorized dissipation of any asset will bring the business to the threshold of insolvency.Accounting is to design a desirable system to protect the properties and assets of the business from unauthorized and unwarranted use.
3.Communication of Results: Accounting is always to communicate the results of the recorded and transactions to the different parties who are interested in the particular business, i.e., properties, investors, creditors, employees, Govt.official and researchers etc.
4.Meeting Legal Requirements: Accounting is to devise and develop such a system of keeping record and reporting the results as will always meet and legal requirements to enable the proprietor or the authority to file various statements like Income-Tax Returns, Sales-Tax Returns etc.
  After careful consideration of the above Analysis, it can be stated that Accounting Functions can be sharply divided into two distinct departments:
A.Historical or Stewardship Function:
  This part relates to the past transactions of the business firm, Accounting records, classifies, reports, analyses and interprets the transactions already effected.Accounting also calculates the profit or loss made during the year and prepares other financial statements and the statement of Assets and Liabilities or the Balance Sheet and reports and results to the proprietors, managers and other interested parties. 

B.Managerial Function: 
  Accounting is to render such service to the management as to aid different levels of the managerial staff to carry out the operations of the business efficiently.Accounting is to present "information in such a way as to assist management in the creation of policy and in the day to day operation of an undertaking".-M.E.Murphy, Managerial Accounting.
  Accounting is an advisory service function and is concerned with furnishing such information to the management as will facilitate efficient planning, operational control and coordination of future activities of the enterprise. Thus, Accounting is to "assist management in establishing a plan for reasonable economic objectives and in making of rational decisions"-Haynes and Massic, Management Analysis
  
So we see that Accounting helps in Budgetary Control, Cost Control, Material Control and Operational Control and also in minimizing wastage, losses and errors and frauds.

History of HTML & CSS

History of HTML & CSS

In the beginning there was text but ……no “style”

First There Was HTML

HTML stands for Hyper Text Markup Language and was intended to be used solely to provide document structure for a text based communication medium. (HTML was created in 1990.) So now there is formatted text with multiple levels of headings and body text.

Then Came Images

As the saying goes a picture is worth a thousand words. Image tags were added with HTML 2.0 (first released April 1994 and approved as standard Sept. 1995). How images were presented still very limited. The only attribute available was an alt tag for those who preferred not to view images or used browsers (the majority) that didn’t support images.

Next Came Tables

Starting with HTML version 3.0 tables were introduced. (Note: HTML 3.0 was never “approved” but was released under development from Nov. 93 to the expiration of the published specification in Sept. 95).According to the spec tables were for the “presentation of tabular data” only. The web is still seen as primarily a way to exchange information and access to the “Internet”

The “Subversion” of Tables

A few people noticed that tables could be used for more than just “data”. By placing images inside data cells and text in adjoining cells you could reliably control the layout of your page. It no longer ebbed and flowed according to the browser. This combined with font markup inside the table tags page display was more like that of a printed page.

“Web Designers” Enter the Picture

With HTML 3.2 it became possible to set fonts, colors, place backgrounds behind your text and many other elements of presentation. The Web Designer was now born. No longer was the page content “THE” most important part of the page. Presentation was paramount. (HTML 3.2 was published on May 5, 1996 and became the recommended version Jan. 14, 1997)

Browsers Evolved

In the early days of the web there were text based browsers. Then Mosiac and other browsers came along that supported the new tags. As more browsers became available, the entry of Netscape followed by Microsoft into the browser market for example, proprietary tags were introduced to enable users to have “a better” web experience.

Proprietary Tags-Good or Bad?

Each browser wanted to increase their market share and though “extending” HTML with proprietary tags was a good way to go about it. (http://www.vcn.bc.ca/help/guides/proprietary.html) Some examples include:

<blink> Netscape
<marquee> Internet Explorer

What started as a proprietary tag sometimes made it into the next release of the HTML Spec.

Browsers & HTML Evolved

There were many problems with the “Ad Hoc” nature of the browser driven tag development. Accessibility was compromised (alt tags have existed as long as there have been images in the spec). Pages displayed differently and sometime “features” using proprietary tags didn’t display at all in other browsers. Browser interpretation of display code varied (and continues to vary) greatly.

Tags became “orphaned” as one version of competing tags became widely accepted and made it into the next version of the spec.

A Better Way - CSS

Those involved with setting web standards – W3C – thought there had to be a better way. They wanted to return to the roots of the Internet and divorce all the presentation from content. Dec. 1996 saw the release of the CSS Level 1 Spec as the start of the process of separating display from content. Subsequent releases of version 4 browsers began incorporating CSS support.

What is CSS?

Cascading Style Sheets (CSS) is a simple method for adding style (e.g. fonts, colors, and spacing) to Web documents. Style sheets describe how documents are presented on screens, in print, or perhaps how they are pronounced. This has resulted in several W3C Recommendations (CSS1, CSS2, XPath, XSLT). (http://www.w3.org/Style/CSS/ ) CSS Level 1 especially is implemented in current version browsers.
By attaching style sheets to structured documents on the Web (e.g. HTML), authors and readers can influence the presentation of documents without sacrificing device-independence or adding new HTML tags. (http://www.w3.org/Style/ )

Benefits of Using CSS

• Consistent look and feel to the site.
• With one or two stylesheets you can keep your site colors, fonts, links, and other elements the same throughout your site without having to hard code the same information on each and every page of your site.
• Using CSS saves time.
• While it may take a bit longer for the first page, especially if you are using a WYSIWYG editor to create your HTML you will save time on additional pages.
• You can change the entire look and feel of a site by changing just the stylesheet.
• No need to go through your site page by page to make sure the new ‘look’ is applied. – No more jarring contrasts because you overlooked a page on your redesign.

CSS Level 1 Basics

Order of Cascade in Cascading Stylesheets (from 1-4 higher numbers over ride definitions in lower numbered stylesheet)

1. Browser default
2. External Style Sheet
   <link rel="stylesheet" type="text/css" href="stylesheet.css" />
3. Internal Style Sheet (inside the <head> tag)
   <style type=”text/css”>
   <!--
   body{background-color: #ffffff; color: #000000;}
4. Inline Style (inside HTML element)
   <h1 style=”color; font-size=”3em”>

Styling HTML

Any HTML tag can be ‘styled’ using CSS but not all browsers support all tags. A table of browser support by attribute is available at webreview.com or richinstyle.com

Create custom classes to apply to limited sections of your page such as <h2 class=”green”> when the h2 tag is defined as red but you want one (or more) instance to be green. Examples of CSS Level 1 stylesheets used at the live presentation.

CSS Level 1 Floats

Even though CSS Level 1 is primarily for text and image display there is one attribute that has some positioning properties. The “float” property allows you to specify how text flows in relationship to block elements such as images. As you can image Netscape 4.x support of the float attribute is “quirky”.

CSS Level 2 Positioning

Lets you design your page with complete control without using tables. Unfortunately there are some ambiguity in the approved specs to allow for browser “interpretation and implementation”. This means that no two browsers have to display a page in exactly the same way. While most ‘modern’ version 5+ browsers will display basic positioning more or less the same they will not be identical. For that reason it is imperative that you test any pages that rely solely on CSS in as many browsers as you can.

Examples using position: absolute, relative, static and fixed

Print StyleSheets

Even though most websites are intended to be viewed on a screen and not printed, there are always some pages that a visitor will want to print. It maybe directions, a map or it could just be a useful bit of information that would be handy to have away from the computer. Unfortunately, many of the elements that make for a good user interface on the web don’t work well in print.

Using a Print Stylesheet can:

• Hide menus or other elements needed on the screen but not on a printed page.
• Print the url for hyperlinks.
• Change screen friendly text units such as ems or px to printer friendly measurements such as pt or inch.
• Change fonts or text color for easier reading on standard white pages.
• Set line breaks and page feeds.
• Even substitute images such as static images for animated gifs, higher quality images with inch measurements instead of px measurements.

Aural StyleSheets

Since one of the major goals of CSS is to improve accessibility and the user experience for the disabled CSS Level 2 introduces Aural Stylesheets. Until very recently there were no browsers or text readers available to take advantage of this sort of stylesheet. That is beginning to change.

Where Can I Learn More?

• http://www.w3schools.com/css/default.asp - Here’s where you find tutorials from the source that sets the standards. You can also take a ‘quiz’ that will tell you just how well you understand CSS Level 1 selectors. (Note: it took me 2 tries to get 100%, I don’t usually comment my code so I tend to forget the correct syntax for comments, see if you can do it in 1)
• http://glish.com/css/ One of the “holy grail” sites of CSS, not only will you find tutorials but complete function CSS layouts to replace the most frequently used basic layouts such as 3 column fluid layout, 2 column ALA (A List Apart - http://www.alistapart.com/index.html) style,.
• Speaking of alistapart.com check the stories index and you are sure to find css topics of interesthttp://www.alistapart.com/stories/
• http://www.htmlgoodies.com/beyond/css.html
• http://www.pageresource.com/dhtml/indexcss.htm
• http://westciv.com  has a complete set of courses available for either free or at a low cost. These classes include:
  HTML & XHTML for CSS is currently (October 12, 2002) available for free athttp://westciv.com/courses/course_info/html_and_xhtml/index.html  
  Their other course CSS Level 1, CSS Level 2, CSS Guide and Color & Graphics are available for purchase either individually or in various packages starting at $14.95. See http://westciv.com/courses/buy/index.html 
  History of HTML http://www.cacr.caltech.edu/~slombey/asci/html/ 

Accounting Theory and branches

Different Branches of Accounting:

Accounting operates within a broad socio-economic environment, and so, the knowledge required of the accountant cannot be sharply compartmentalized.It is therefore, difficult to discuss one area without relating to other areas of knowledge. We place a great emphasis on the conceptual knowledge. The accountant should not only know but he should understand.
From the above it is clear that to define accounting as such, is rather difficult. Many accountants have defined Accounting in very many languages. However, we can consider the following definitions:
1.H.Chakravorty: “Accountancy is the science of recording, classifying and summarizing transactions so that relation with outsiders is exactly determined and result of operation during a particular period can be calculated, and the financial position as the end of the period may be shown.
2.A.I.C.P.A.: "Accountancy may be defined as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least of financial character, and interpreting the results thereof".
3.Taylor and Shearing: "Accounting may be defined as the art and science of recording business transactions in a methodological manner so as to show: (a) the true state of affairs of a business of a particular period of time and, (b) the surplus or deficiency which has accrued during a specific period."
It may be very aptly pronounced now-a-days that due to the spectacular development in the research and analytical aspects, Accounting, in the present day, has not confirmed itself to only record-keeping but has spread its branches to the farthest corners of commercial activities. As such, Accounting to-day, may be divided as follows:
1.Book-Keeping: Primary recording of the day-to-day transactions of any business unit and their subsequent posting into the Ledger Accounts are the functions of this part of accounting. As this part of the job of the Accountant is only keeping the proper records, it is therefore termed as Book-Keeping.
2.Accounting: To prepare the Trial Balance and thereby to check the arithmetical accuracy of the books and records, to prepare the Revenue statements of Profit or Loss Accounts, to prepare the statement of Affairs or Balance Sheets, or , in other words, to prepare the Final Accounts and also to make plans and programmes for smooth running of this part of Accounting procedures and to act accordingly are, in short, the functions of the Accountant. This of his work is generally termed as accounting.
3.Cost Accounting: In any manufacturing concern, it is necessary to keep the records of daily stocks in hand, their issues and receipts, payment of wages, calculated regarding overhead charges, fixing the sale-price of the products, to prepare the budget and thereby to help in cost control etc.
These functions are the functions of the Cost Accountant.
4. Management Accounting: The present-day Management is very much dependent on the Accountant in all the levels of managerial activities. By furnishing regular reports regarding various necessary information required daily by the management, the Accountant very ably helps in their work. Cost Control, Quality Control, Budgetary Control, Planning etc.are therefore, the functions of the Management Accountant.
5. Decision Accounting: This means that part of the functions of the Accountant by which he prepares and presents necessary information to the Management for making decisions. This function is one which has developed a great during the recent years. As and when there arises a particular problem in any business unit, the accounting personnel are thereupon called to present the necessary information in all possible details and in a most appropriate manner. Decision Accounting is thus, a part of the Managerial Accounting.
6.Household Accounting: With the development of the Socialistic Pattern of economy and the emergence of the Welfare States, the present-days Governments in all the countries in the World are becoming more and more interested in collecting taxes not only form the corporate bodies of form the employed persons but also from the self-employed men and professional personalities. These types of persons are now required to maintain their professional accounts Household Income and Expenditure Accounts separately.
7. Government Accounting: Government Accounting is quite different from Commercial Accounting. This is because in Welfare States is present day World, any Government has to collect taxes, compute National Income, fix the Gross National Product Target, ascertain the Balance of Payments position etc.governments, therefore have their own system of Accounting which is called Government Accounting.
8. Auditing: Whether the Books of Accounting have been maintained correctly or not has to be proved.
For this purpose, the Accounts are to be checked by some qualified persons from the Book of Prime entry up to the Final Accounts every year. This is also necessary for the benefit of the share-holders as well as for the Government which will collect taxes on the basis of the Published Accounts.

Accounting Theory and branches

Different Branches of Accounting:

Accounting operates within a broad socio-economic environment, and so, the knowledge required of the accountant cannot be sharply compartmentalized.It is therefore, difficult to discuss one area without relating to other areas of knowledge. We place a great emphasis on the conceptual knowledge. The accountant should not only know but he should understand.
From the above it is clear that to define accounting as such, is rather difficult. Many accountants have defined Accounting in very many languages. However, we can consider the following definitions:
1.H.Chakravorty: “Accountancy is the science of recording, classifying and summarizing transactions so that relation with outsiders is exactly determined and result of operation during a particular period can be calculated, and the financial position as the end of the period may be shown.
2.A.I.C.P.A.: "Accountancy may be defined as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least of financial character, and interpreting the results thereof".
3.Taylor and Shearing: "Accounting may be defined as the art and science of recording business transactions in a methodological manner so as to show: (a) the true state of affairs of a business of a particular period of time and, (b) the surplus or deficiency which has accrued during a specific period."
It may be very aptly pronounced now-a-days that due to the spectacular development in the research and analytical aspects, Accounting, in the present day, has not confirmed itself to only record-keeping but has spread its branches to the farthest corners of commercial activities. As such, Accounting to-day, may be divided as follows:
1.Book-Keeping: Primary recording of the day-to-day transactions of any business unit and their subsequent posting into the Ledger Accounts are the functions of this part of accounting. As this part of the job of the Accountant is only keeping the proper records, it is therefore termed as Book-Keeping.
2.Accounting: To prepare the Trial Balance and thereby to check the arithmetical accuracy of the books and records, to prepare the Revenue statements of Profit or Loss Accounts, to prepare the statement of Affairs or Balance Sheets, or , in other words, to prepare the Final Accounts and also to make plans and programmes for smooth running of this part of Accounting procedures and to act accordingly are, in short, the functions of the Accountant. This of his work is generally termed as accounting.
3.Cost Accounting: In any manufacturing concern, it is necessary to keep the records of daily stocks in hand, their issues and receipts, payment of wages, calculated regarding overhead charges, fixing the sale-price of the products, to prepare the budget and thereby to help in cost control etc.
These functions are the functions of the Cost Accountant.
4. Management Accounting: The present-day Management is very much dependent on the Accountant in all the levels of managerial activities. By furnishing regular reports regarding various necessary information required daily by the management, the Accountant very ably helps in their work. Cost Control, Quality Control, Budgetary Control, Planning etc.are therefore, the functions of the Management Accountant.
5. Decision Accounting: This means that part of the functions of the Accountant by which he prepares and presents necessary information to the Management for making decisions. This function is one which has developed a great during the recent years. As and when there arises a particular problem in any business unit, the accounting personnel are thereupon called to present the necessary information in all possible details and in a most appropriate manner. Decision Accounting is thus, a part of the Managerial Accounting.
6.Household Accounting: With the development of the Socialistic Pattern of economy and the emergence of the Welfare States, the present-days Governments in all the countries in the World are becoming more and more interested in collecting taxes not only form the corporate bodies of form the employed persons but also from the self-employed men and professional personalities. These types of persons are now required to maintain their professional accounts Household Income and Expenditure Accounts separately.
7. Government Accounting: Government Accounting is quite different from Commercial Accounting. This is because in Welfare States is present day World, any Government has to collect taxes, compute National Income, fix the Gross National Product Target, ascertain the Balance of Payments position etc.governments, therefore have their own system of Accounting which is called Government Accounting.
8. Auditing: Whether the Books of Accounting have been maintained correctly or not has to be proved.
For this purpose, the Accounts are to be checked by some qualified persons from the Book of Prime entry up to the Final Accounts every year. This is also necessary for the benefit of the share-holders as well as for the Government which will collect taxes on the basis of the Published Accounts.