Book Keeping Simplified Like Never Before

Description

Key Terms explained:

1. Expense
2. Income
3. Capital/Drawings
4. Liability
5. Asset
6. Profit/Loss
7. Goods
8. Contingent Liability
9. Goodwill

Important Concepts:

1. Business Entity
2. Money Measurement
3. Accrual
4. Accounting Period
5. Dual Aspect

Concept of Debit & Credit

Types of Accounts:

1. Traditional Approach
2. Modern Approach

Golden Rules of Accounting:

1. Traditional Approach
2. Modern Approach

Books of Accounts Explained:

1. Journal
   • Journal Proper – Meaning & Purpose
   • Subsidiary Books – Meaning & Purpose
2. Ledger – Meaning & Purpose
3. Trial Balance – Meaning & Purpose
4. Final Accounts – Meaning.

Final Accounts of Sole Proprietorship or Partnership:

1. What are these?
2. What do they show us?
3. How do we prepare the same in general?

Why does Balance Sheet always tally?

1. Concept of Accounting Equation or Balance Sheet Equation