Description
Key Terms explained:
- Expense
- Income
- Capital/Drawings
- Liability
- Asset
- Profit/Loss
- Goods
- Contingent Liability
- Goodwill
Important Concepts:
- Business Entity
- Money Measurement
- Accrual
- Accounting Period
- Dual Aspect
Concept of Debit & Credit
Types of Accounts:
- Traditional Approach
- Modern Approach
Golden Rules of Accounting:
- Traditional Approach
- Modern Approach
Books of Accounts Explained:
- Journal
- Journal Proper – Meaning & Purpose
- Subsidiary Books – Meaning & Purpose
- Ledger – Meaning & Purpose
- Trial Balance – Meaning & Purpose
- Final Accounts – Meaning.
Final Accounts of Sole Proprietorship or Partnership:
- What are these?
- What do they show us?
- How do we prepare the same in general?
Why does Balance Sheet always tally?
- Concept of Accounting Equation or Balance Sheet Equation