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Business Transactions – Voucher Preparation
Business Transactions are recorded in the books of accounts on the basis of an evidence such as bills of purchases, invoices for sales, debit and credit notes, etc. These evidences being the basis of recording entry, areknown as Source Documents. Rules of debit and credit are applied to each transaction and a voucher is prepared […]
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Accounting Terms
Accounting Terms are general English words that are frequently used in accounting and sometime differently understood in accounting. Following Accounting Terms will be discussed in this chapter 3.01.01 Debtor 3.01.02 Creditor 3.01.03 Assets 3.01.04 Liabilities 3.01.05 Goods 3.01.06 Stock or Inventory 3.01.07 Profit 3.01.08 Loss 3.01.09 Expense […]
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Generally Accepted Accounting Principle (GAA)
The financial statements are produced following the § accepted accounting concepts or principles § for its uniform understanding. They are known as ‘Generally Accepted Accounting Principles’ (GAAP) and Accounting Standards. In this chapter contain following topics 2.01 Meaning and Nature of Generally Accepted Accounting Principles 2.02 Accounting Concepts 2.02.01 Going Concern Concept […]
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Introduction to Accounting
Introduction to accounting is the first chapter of the fundamentals of Accounting. This chapter deals with the following concepts 1.01 Meaning and Definition of Accounting 1.02 Attributes (Characteristics) of Accounting 1.03 Functions of Accounting 1.04 Accounting Process 1.05 Book Keeping 1.06 Objectives of Accounting 1.07 Advantages of Accounting 1.08 Limitations of Accounting 1.09 Users of […]