Study guide
Basic Accounting Principles
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Uploaded on
07-01-2019
Written in
2017/2018
5.0 INTRODUCTION We have studied economic activities which have been converted into business activities. In business activity a lot of “give & take” exist which is known as transaction. Transaction involves transfer of money or money’s worth. Thus exchange of money, goods & services between the parties is known to have resulted in a transaction. It is necessary to record all these transactions very systematically & scientifically so that the financial relationship of a business with other persons may be properly understood, profit & loss and financial position of the business may be worked out at a particular date. The procedure to record all these transactions is known as “Book-keeping”.
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Written for
- Institution
- Fashawe college
- Study
- Accounting
- Course
- Basic Accounting principles
All documents for this subject (1)
Document information
- Uploaded on
- January 7, 2019
- Number of pages
- 23
- Written in
- 2017/2018
- Type
- Study guide
Subjects
-
accounting principles
-
accounting assumptions
-
personal account
-
nominal account
-
journal
-
cash book
-
ledger posting
-
ba
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