Download - Introduction to Accounting
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AccountingRecordingClassifyingSummarisingAnalysing and interpretationReportingOf financial Transactions
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Objectives of AccountingPermanent recordAscertain combined effectEvaluate earning capacityProper utilisation of resources
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Users of Accounting InformationInvestorsLendersSuppliersCustomerGovt. AgenciesPublic Employees
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Book Keeping Vs AccountingStageScopeSkillOperationAdjustments and rectificationStep
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Accounting Cycle
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TerminologyProprietor/owner: The person who takes the
initiative to start the business.Capital: Amount invested by the proprietor in
the business.Drawings: Amount or benefit withdrawn by
the owner from the business.Business Transaction: Any exchange of goods
or services by the business with any other person in the business transaction.
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Cont………Debtor: Person from whom amounts are due
for goods sold or services rendered.Creditor: Person to whom amount is owed by
the enterprise .Receivables: amount which outsiders owe to
the enterprise.Payables: Amount which business owe to the
outsidersGoods:
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Cont…………….PurchaseSalesPurchases ReturnSales ReturnStockAssets
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Assets
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Fixed Assets
Current AssetsFictitious Assets
Tangible Fixed Assets Intangible Assets
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Cont…….LiabilitiesExpenseExpenditureLossProfitRevenueIncome
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Cont…………………..Account: Date wise summary of transactions
relating to persons, Property or expenses and incomes.
Account
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Personal account Impersonal Account
Natural PANatural PA Natural PAReal account Nominal Account
P & L A/CExpenses & Losses A/C
Tangible A/C
Tangible A/C