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Title: Accounts
Description: Accounts are explained very easily and in understandable language
Description: Accounts are explained very easily and in understandable language
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The video is especially for the science students who come from a different background
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The balance
sheet gives us the financial position of the business and profit and loss account
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The accounting process is very simple
accounting process starts with the source document
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An asset is a resource controlled by an entity as a result of past events
and from which future economic benefits are expected to flow to the entity that is what an asset is now
previously we used to say that asset is something that the company owns if company owns the land and
building then that ‘s an asset of the company’
Expenses are the cost of operations that a company incurs to generate revenue and from which no
further benefit is expected is the main difference between a certain expenses that you know in acid we
get future economic benefit but here once you incur the expenses that means you have taken the
benefit already the benefit is already taken
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If you owe money to your supplier then that supplier that creditor
he will have claim on your total assets of the company
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The technical definition would be it is the claim of owners in the total asset of the
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Shareholders because they ‘re in companies the capital is
divided into small small units of shares
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Now there is an obligation that
is being created that you have to pay 40,000 back to the bank is n’t It so this obligation is called a
present obligation
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First priority goes to the liability holders and then the owners okay so
these people will have claim on total assets and also you but you will get only after deducting liabilities
okay your claim is only one lakh
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Every transaction will have one debit one credit and one credit okay and the effect of them
will be equal always equal that ‘s the duality principle or dual aspect principle of accounting
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When you
purchase machinery what happened when you purchase the machinery there was cash cash cash was
reduced cash and then this machinery twenty thousand this asset increased
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What is asset expense liability equity and revenue? What
asset means something you have control or ownership on and you will get future benefit from that?
Title: Accounts
Description: Accounts are explained very easily and in understandable language
Description: Accounts are explained very easily and in understandable language