Introduction:

Accounting principles are the assumptions and rules of accounting the methods and procedures of accounting and the application of these rules, methods and procedures to the actual practice of accounting.

Definition of Accounting:

The American Institute of Certified Public Accountants defines accounting 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”.

From the above, it is clear that, Financial Accounting basically deals with Financial Transaction. Its functions are described as follows:

Functions:

1. Recording – Journal entry
2. Classifying – Ledger accounts
3. Summarizing – Trail Balance, Profit and Loss account, Balance Sheet.
4. Interpreting – Financial performance by Profit and Loss account, Financial Position by Balance sheet. (more…)

A key to finding the right loan is to consider all available sources. The emergence of home equity programs has enlarged the field of lenders. Likely lenders are among the following:

Banks.

Commercial banks are attracted to home equity lines as a way to sell other bank services, such as savings accounts and credit cards. Banks have been some of the most aggressive marketers of home equity loans, offering low closing costs, special initial interest rates, and no annual fees.

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