8. Journal
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7. Origin of Transactions-Source Documents and Preparation of Vouchers
6. Accounting Procedures-Rules of Debit and Credit
Introduction of Accounting Procedures- Rules of Debit and Credit STUDYNATIC Transactions are recorded in the books of account on the basis of evidences, i.e., source documents, such as invoices for purchases, invoices for sales, debit and credit notes, etc.…
5. Accounting Equation
Meaning of accounting equation- Accounting Equation is based on the Dual Aspect Concept of accounting. It means every transaction has dual aspect or two aspects – debit and credit. It holds that for every debit there is a credit…
4. Bases of Accounting
Meaning Accounting Principal:- Accounting Principal are the rules adopted by accountants universally while recording accounting transaction. They are the norms or rules which are followed in accounting of various items of assets, liabilities, expenses, income, etc. for example, Inventory…
3. Theory Base of Accounting, Accounting Standards & Ind-AS
ACCOUNTING PRINCIPLE Accounting Principal are the rules adopted by accountants universally while recording accounting transaction. They are the norms or rules which are followed in accounting of various items of assets, liabilities, expenses, income, etc. for example,…
2. Basic Accounting Terms
BUSINESS TRANSACTION (STUDYNATIC) ‘Business Transaction’ means a financial transaction or economic event entered into by two parties that initiates the accounting process of recording it in the books of account of an enterprise. It is an agreement between…
1. Introduction to Accounting
WHAT IS ACCOUNTING Accounting is a process of identifying the events of financial nature, recording them in journal, classifying in their respective ledgers, summarizing them in Profit and Loss Account and Balance Sheet and communicating the…