Financial Accounting - Basic/Fundamental Accounting Process - Study Notes
Study Notes
- Capital, Profit, Loss
- Drawings, Debtors, Creditors
- Income Expenditure Receipts Payments
- The need for accounting
- The Money Measurement Concept
- The Basic Purpose of Accounting
- The objective of accounting, Elements/Account Heads, Separate Entity Concept
- The Fundamental Accounting Equation
- Effect of a Transaction on the Accounting Equation
- Dual Entity Concept
- Types/Kinds of Accounts
- Illustration - Identifying the Types of Accounts
- Rules/Principles of Debit and Credit
- Illustration - Rules/Principles of Debit and Credit
- Journal - Recording a Transaction
- Journal - Illustration - Recording a Transaction
- Ledger - Posting a transaction from the journal
- Ledger Balancing
- Illustration - Ledger Preparation and Balancing
- Other Aspects relating to a ledger
- Trial Balance
- Designing an Organisations Accounting System
- Replacing Goods a/c with Purchases and Sales a/c's
- Purchase Returns and Sales Returns
- Simple Compound/Combined Journal Entries
- Complex Compound/Combined Journal Entries
- Net effect of two or more journal entries
- Subsidiary Books
- more ... not yet ready