ACOUNTING B POST

Accounting: 'Accounting is summarizing in a •grufcam manner and in terms of money, rMmfcnna and events when are, in part at toast of a financial character and
Book Keeping: Book-keeping is the art of nsconfcig monaUiy tansactions in the books of accounts in a proper manner.
Business: Any legal activity which is done for ne purpoM of eamrg profit is known as :.s-ess
Cash System of Accounting: It is a system in wnc- accounang anties are made only w*er cash is received or paid.
Accrual System of Accounting: It is a system in wncr accoutrnt made on
re oasis of amount having become due for payment or react
Accountancy: Accountancy is the main subject. Accountancy* ts far extensive It covers the entire body of theory and book-keeping
Accountancy Costing, Auditing, Taxation etc,
Debtors / Accounts Receivable: Debtors are the persons or to whom goods have Deen sold on credit basis and from whom the business is " *Bcewe money in near •-•--5 ~"ese are also known as "Accounts Receivable" / Accounts Payable: Creditors are the persons or sappier* «OB) wfcom goods •ave oeen purchased on credit basis and to whom the business ts r say «noney in near Mure- These are also known as "Accounts Payable".
Cash Discount: It is a deduction or allowance given by a credaor to a debtor if the amount is paid by the debtor before the due date.
Assets: Assets are the properties and possessions of a business bcA UHtfUi (having physical existence) and intangible (have no physical existence)
Liabilities: Liabilities are debts or obligations of a business Capital: It is the.source of funds provided by the owner / c ••
Drawings: The amount of cash or goods taken by the owner / owffiew taaime business : - s personal use are known as "Drawings".
Separate Entrty Concept: According to this concept business s mated as a separate

going on Concern Concept: According to this concept it is Jiitiflinad fiat the business will corvnue to operate for an indefinite time period, there s no raenaon to liquidate the Ousness r tie foreseeable future.
Mom/ MMamnwnt Concept: According records only those
ransaoon* or events *^*ch can be measured • tanas of money.
Dual Aapect Concept: According to tns concept lor every oetxt there is an equivalent