Basic accounting terms

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What is Financial Accounting ? • Financial accounting is the art or science of recording, classifying and summarizing the business transaction in significant manner and interpreting the result and preparation of Financial reports.

Transcript of Basic accounting terms

Page 1: Basic accounting terms

What is Financial Accounting ?

• Financial accounting is the art or science of recording, classifying and summarizing the business transaction in significant manner and interpreting the result and preparation of Financial reports.

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Basic Accounting Terms

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The following is the list of Basic accounting terms which I explain briefly to help accounting beginners.

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Account:It is device, which contains a systematic record of increase or decrease in an item during a certain particular period of time.

Account Receivable /Debtor:A person to who goods are sold on credit by a business organization is called account receivable or debtor.Account Payable / Creditor:A person from whom a business organization or individual purchases goods on credit is called creditor.

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Assets:The basic accounting terms Assets means anything valuable possessed by a firm with the following three features 1. qualifies as assets.2. The legal title of ownership3. Right to use Right to sale/dispose off

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BOOKKEEPER:A TRAINED AND QUALIFIED PERSON WHO COLLECTS, RECORDS AND REPORT ON THE FINANCIAL TRANSACTIONS CARRIED OUT BY A BUSINESS IS CALLED BOOKKEEPER. NOTE THERE IS A DIFFERENCE BETWEEN BOOKKEEPER AND ACCOUNTANT WE EXPLAINED IN ANOTHER SEPARATE TOPIC ACCOUNTANT VS BOOKKEEPER

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Summary

• For more Explanation, where I put complete basic accounting terms dictionary you can visit commercepk.com/basic-accounting terms


Chapter 2 Basic Accounting Terms - 2...Basic Accounting Terms 1) Business Transaction :-The term “Business Transaction” means a financial transaction or event entered into by the

Chapter 2 Basic Accounting Terms - 2...Basic Accounting Terms 1) Business Transaction :-The term “Business Transaction” means a financial transaction or event entered into by the

Basic Terms of Accounting

Basic Terms of Accounting

Accounting Terms - Glossary of Accounting Terms and Definitions

Accounting Terms - Glossary of Accounting Terms and Definitions

BASIC ACCOUNTING

BASIC ACCOUNTING

Accounting & Finance Terms

Accounting & Finance Terms

CLASS XI - content.kopykitab.com · 2. Basic Accounting Terms 3—5 3. Theory Base of Accounting : Accounting Principles 5—7 4. Accounting Standards and IFRS 7—8 5. Process and

CLASS XI - content.kopykitab.com · 2. Basic Accounting Terms 3—5 3. Theory Base of Accounting : Accounting Principles 5—7 4. Accounting Standards and IFRS 7—8 5. Process and

BASIC CONCEPTS OF FINANCIAL ACCOUNTING - unipi.gr · Basic Concepts of Financial Accounting Dr. Andreas G. Koutoupis Associate Professor of Financial Accounting. The Basic Accounting

BASIC CONCEPTS OF FINANCIAL ACCOUNTING - unipi.gr · Basic Concepts of Financial Accounting Dr. Andreas G. Koutoupis Associate Professor of Financial Accounting. The Basic Accounting

accounting basic

accounting basic

Basic Structure of Accounting Principle ( Accounting)

Basic Structure of Accounting Principle ( Accounting)

GLOSSARY OF TERMS Accounting estimates: Those terms ...

GLOSSARY OF TERMS Accounting estimates: Those terms ...

Introduction and 3 ACCOUNTING TERMSACCOUNTANCY Notes 27 3 ACCOUNTING TERMS Every subject has certain important basic terms, and Accountancy is no exception. These terms facilitate

Introduction and 3 ACCOUNTING TERMSACCOUNTANCY Notes 27 3 ACCOUNTING TERMS Every subject has certain important basic terms, and Accountancy is no exception. These terms facilitate

Engleza Accounting Terms

Engleza Accounting Terms

Basic Accounting Terms - WordPress.com · 2017-07-04 · Basic Accounting Terms Samir K Mahajan. A business entity is a commercial (corporate or other) organisation that is formed

Basic Accounting Terms - WordPress.com · 2017-07-04 · Basic Accounting Terms Samir K Mahajan. A business entity is a commercial (corporate or other) organisation that is formed

1-Basic Accounting Terms and Concepts - 2 Per Sheet

1-Basic Accounting Terms and Concepts - 2 Per Sheet

Accounting Terms

Accounting Terms

Chapter 2 Management accounting: basic terms and concepts.

Chapter 2 Management accounting: basic terms and concepts.

Basic Payroll Accounting - Home - SmoothPay Gold · PDF fileBasic Payroll Accounting. Glossary of terms There are a number of terms that non-accounting people might not be familiar

Basic Payroll Accounting - Home - SmoothPay Gold · PDF fileBasic Payroll Accounting. Glossary of terms There are a number of terms that non-accounting people might not be familiar

UNIT 3 : ACCOUNTING TERMINOLOGY - GLOSSARYAfter studying this unit, you will be able to: w De˜ne basic accounting terms; and w Understand the application of these accounting terms

UNIT 3 : ACCOUNTING TERMINOLOGY - GLOSSARYAfter studying this unit, you will be able to: w De˜ne basic accounting terms; and w Understand the application of these accounting terms

Dictionary of C21 Accounting Accounting Terms

Dictionary of C21 Accounting Accounting Terms

Basic Accounting Terms - Commerce and Management Sciences … · 2017-08-25 · The basic accounting terms Assets means anything valuable possessed by a firm with the following three

Basic Accounting Terms - Commerce and Management Sciences … · 2017-08-25 · The basic accounting terms Assets means anything valuable possessed by a firm with the following three