Financial Accounting notes

Jun 21st, 2015
Studypool Tutor
Price: $10 USD

Tutor description

Definition of accounting: The art of recording, classifying and summarizing in a significant Manner and in terms of money, transactions and events which are, in part at least of a financial Character and interpreting the results there of” Book keeping: It is mainly concerned with recording of financial data relating to the business Operations in a significant

Word Count: 7443
Showing Page: 1/21
Financial MaterialDefinition of accounting: The art of recording, classifying and summarizing in a significant Manner and in terms of money, transactions and events which are, in part at least of a financial Character and interpreting the results there ofBook keeping: It is mainly concerned with recording of financial data relating to the business Operations in a significant and orderly manner. Concepts of accounting: separate entity concept going concern concept money measurement concept cost concept dual aspect concept accounting period concept periodic matching of costs and revenue concept Realization concept. 4 Conventions of accountingconservatism full disclosure consistency D materiality. Systems of book keeping: single entry system double entry system Systems of accounting cash system accounting mercantile system of accounting. Principles of accounting:personal a/c : debit the receiver Credit the giver real a/C: debit what comes in Credit what goes out nominal a/c : debit all expenses and losses Credit all gains and incomesMeaning of journal: Journal means chronological record of transactions. Meaning of ledger: Ledger is a set of accounts. It contains all accounts of the business Enterprise whether real, nominal, personal. Posting: It means transferring the debit and credit items from the journal to their respective Accounts in the ledger. Trial balance: Trial balance is a statement containing t

Review from student

Studypool Student
" Awesome! Exactly what I wanted. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors