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Users of Accounting Information | Simple Accounts
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Thursday, March 8, 2012. Users of Accounting Information. Accounting provides useful information relating to business. Such information is used directly or indirectly by the following interested parties. The owners are interested to know the operational results of the business (profit or loss) and also to know the financial status of the business, because they are ultimate risk takers. Government is interest in account statements and reports in order to see the performance of a particular enterprise, its...
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Journal | Simple Accounts
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Thursday, March 29, 2012. All the business transactions are to be recorded in the journal in the form of debit and credit. This is the second stage in accounting cycle. A Journal is a book in which transactions are recorded in the order in which they occur i.e. chronological order. A journal is called a book. The process of recording a transaction in journal is called ‘journalizing’. The entry made in the journal is called journal entry. Format of a Journal. 4 Debit Amount Column. 5 Credit Amount Column.
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03/29/12 | Simple Accounts
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Thursday, March 29, 2012. All the business transactions are to be recorded in the journal in the form of debit and credit. This is the second stage in accounting cycle. A Journal is a book in which transactions are recorded in the order in which they occur i.e. chronological order. A journal is called a book. The process of recording a transaction in journal is called ‘journalizing’. The entry made in the journal is called journal entry. Format of a Journal. 4 Debit Amount Column. 5 Credit Amount Column.
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03/17/12 | Simple Accounts
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Saturday, March 17, 2012. Principles of Double Entry System. For every transaction there are two aspects. One is called Debit and the other is called Credit. The debit and credit aspects of a transaction are to be identified based on the principles of double entry system of accounting. Before deciding which account is to be debited or credited, it is necessary to decide the nature of accounts which are influenced by the business transactions. The rules of Debit and Credit are given below. In this transac...
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03/09/12 | Simple Accounts
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Friday, March 9, 2012. The following are the different terms that are used in accounting language some of them are presented below. An entity is an economic unit which performs economic activates e.g. Reliance Industries, Deepika Technologies Ltd. It is transaction or happening which effects an entity. A transaction is an exchange of goods or services for cash or credit. It involves transfer of money or money’s worth that brings about change in the financial position of a business. Course of business, bu...
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03/13/12 | Simple Accounts
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Tuesday, March 13, 2012. The business transactions are recorded in two ways. They are:. Single entry system and. All transactions are not recorded. Only a few accounts are maintained. Trail balance cannot be prepared at the end of the year to know the arithmetical accuracy. Final accounts cannot be prepared to find out operational results and financial position of the business accurately. The double entry system was invented by a trader called LUCA PACIOLI of. Advantage of Double Entry System. Personal a...
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03/04/12 | Simple Accounts
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Sunday, March 4, 2012. Accounting Cycle with Formats. An accounting cycle is a complete sequence beginning with the recording of transaction and ending with preparation of financial statements i.e. profit and loss A/c and balance sheet. Steps involved in Accounting cycle. Involves identifying Debit and Credit aspects in each transaction and recording it in the journal. The Format Of A Journal Is Shown Below. Transfer of transaction from journal to their respective accounts opened in Ledger. Selling and D...
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Accounting Concepts | Simple Accounts
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Tuesday, March 13, 2012. It is used to denote accounting assumptions and notions which are widely accepted and fundamental to the science of accounting. The important accounting concepts are. The accounting period begins on 1. April every year and ends on 31. March every year. This concept implies that at the end of each accounting period, financial statements i.e. profit and loss account and balance sheets are to be prepared. It is mandatory under Income. According to this concept, the revenue should be...
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Function of Accounting | Simple Accounts
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Monday, March 5, 2012. It is concerned with recording all the financial transactions in orderly manner in the proper books of accounts. Transaction are recorded in “Journal” in chronological manner. It involves presenting classified transaction in a manner useful to both its internal and external users. It involves preparation of financial statements i.e. profit and loss account and Balance sheet etc.,. It deals with explaining the meaning and significance of the data simplified. The accountants shou...
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02/25/12 | Simple Accounts
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Saturday, February 25, 2012. Introduction and Need for Accounting. Therefore, it is essential to maintain books of accounts to prepare and report financial performance of a business concern regularly. Accounting is the process of recording, classifying, summarizing the financial transactions and events and communicating the information to its users who need it for decision making. Identifying the transactions and events. Measuring the identified transactions and events in terms of measuring units. For ev...
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