Account assistance

Location: Banglore, Hyderabad, Mumbai, Chennai, Pune & Gurgaon
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Accountancy

An account refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. These entries, referred to as postings, become part of a book of final entry or ledger. Examples of common financial accounts are cash, accounts receivable, mortgages, loans, PP&E, common stock, sales, services, wages, and payroll.

A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency.

The system of recording, verifying, and reporting such information is called accounting. Practitioners of accounting are called accountants.

According to -Carter accounting meaning

"An account is a ledger record in a summarised form, of all the transaction that have taken place with the particular person or things specified."

_ carter

Account

In actual practice, the individual transactions of like nature are recorded, added and subtracted at one place. Such place is customarily termed as an ‘Account’. Prior to understanding the meaning of debit and credit, it is essential to understand the meaning and form of an account.

account assistance

Meaning Of Accountancy

Accounting Cycle.

Event

An event is the consequence or result of transaction. For example:

Sachin start a business with a capital of Rs 5, 00,000. He purchased good for Rs 4, 00,000 for cash and sells ¾ of these goods for 3,80,000. He also pays Rs 20,000 as rent of godown.
The following results can be drawn from the above:
(1)Transaction

(a) Investment of Rs 5, 00,000 in the business.
(b) Purchasing of good for Rs 4, 00,000.
(c) Making cash sales of 3,80,000.
(d) Payment of godown rent Rs 20,000.

Business Transaction

A business transaction is an economic activity of the business that changes its financial position. Whenever any business transaction takes place, it result in a change in the values of some of the assets, liabilities or capital.

Chief feature of transaction

(1)It involves economic activity.
(2)Transaction may be classified into two types-external and internal.
(3)It result in a change in the financial position of the firm.
(4)The change must be capable of being expressed in term of money.

BASIC ACCOUNTING TERMS

There are certain basic accounting terms which are daily use in the business world. Before recording the transactions in the books, it is essential to understand these terms as these terms have these have specific meaning in accounting. These basic terms are called accounting terminology.