the first ten page of accounts book we have these things but i am not able to understand.
2006-09-28 21:30:08 · 4 answers · asked by upendra p 1 in Computers & Internet ➔ Internet
Dude... firstly what level of answers are you looking for??? what are you studying.... however... some basic concepts are listed below
1. Double entry system of accounting - every transaction impacts two accounts i.e. debit and credit aspect
2. Types of accounts - Personal account, real account and nominal accounts
2.a. Personal account - these are the accounts which involve people i.e. Tom's account, Harry's account, etc... the rule here is Debit the receiver and credit the giver
2.b. Real account - the rule here is debit what comes in and credit what goes out
2.c. Nominal account - the rule here is debit all expenses and losses and credit all incomes and gains
3. Accounting formula - Capital + Liabilities = Assets
Apart from these there are some other concepts like accrual concepts, going-concern, etc... but am not sure if you actually need answers to these also
2006-09-28 22:00:03 · answer #1 · answered by akshay pawar 1 · 0⤊ 0⤋
the account concept is basically that what ever you take or buy, you give or pay some thing for that,
so when you go in account it's need for maintaining.
at least this maintain followed by accounts golden rule.
you follow the golden rule that how this account are maintained.
2006-09-29 00:40:17 · answer #2 · answered by sunny_mou 1 · 0⤊ 0⤋
Well accounting is all about recording, transacting and processing report for further analysing and execution. Email me if you had any Qs on this ~ maggotier@yahoo.com
2006-09-28 21:39:11 · answer #3 · answered by maggotier 4 · 0⤊ 0⤋
Basically to create stats on sales, keep records.
Ask yourself this.. what would happen if we didnt use accounting in our businesses
2006-09-28 21:33:43 · answer #4 · answered by Claude 6 · 0⤊ 0⤋