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Basics of Accounting

Friends, Let me update the "Basics of Accounting" in simple, understandable language. Click on the topic to go through the particular one. The topics planned to be covered are as below :

Introduction to Accounting

Definition of Accounting
Need and Importance
Objectives and Scope of Accounting
Accounting Process
Accounting and Book-keeping
Branches of accounting
Basic accounting terms
Basic accounting terms - Cont'd
Basic accounting terms - Cont'd
Basic assumptions
Accounting Concepts
Accounting Conventions
Classification of Accounts
Accounting Standards
Double Entry System
Golden rules of accounting
Accounting Cycle


Source Documents
Steps in Journalising
Accounting equation


Posting in a Ledger
Balancing an account
Distinction between journal and ledger

Subsidiary Books

Subsidiary Books
Advantages of maintaining Subsidiary Books
Cash Book - Features & Kinds of cash books
Petty Cash Book
Purchases Book
Sales Book
Returns Book
Purchases Return Book
Sales Return Book
Bill of exchange
Bills Books

Bank Reconciliation Statements

Bank Reconciliation Statements
Causes of disagreement between balance shown by cash book and the balance shown by pass book
Preparation of Reconciliation Statement

Trial Balance

Trial Balance
Feature’s of a Trial Balance
Preparation of Trial Balance
Advantages of Trial Balance
Purpose of a Trial Balance
Forms of a Trial Balance
Trial Balance - Methods
Errors in Accounting
Clerical Errors
Type of error and whether it will affect trial balance
Steps to Locate the Errors
Suspense Account
Rectification of errors
Rectification of errors – Examples

Capital and Revenue Transactions

Capital and Revenue Transactions
Capital Transactions
Revenue Transactions
Deferred revenue transactions
Capital, Revenue and Deferred revenue transactions - Distinction
Capital and revenue profit & Capital and revenue loss

Final Accounts

Final Accounts
Trading account
Profit and loss account
Balance sheet-Assets-Liabilities-Stockholders' Equity
Classification of Assets and Liabilities - Assets
Classification of Assets and Liabilities - Liabilities
Marshalling of Assets and Liabilities
Balance Sheet Equation
Balance Sheet - Illustration
Difference between Trial Balance and Balance Sheet


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