Accounting

Financial Accounting | Explanation | AccountingCoach

► Accounting is the process of systematically recording, measuring, and communicating information about financial transactions.✦

► At the heart of accounting is the double-entry bookkeeping method. This involves making at least two recording entries for every transaction: a debit in one account and a credit in another account. The method helps prevent errors because the sum of the debits should equal the sum of the credits. The three major financial statements produced by accounting are the income statement, the balance sheet, and the cash flow statement.✦

【Topics Covered in this App are Listed Below】

⇢ Accountancy an Overview?

⇢ What is accounting and why do we need it?

⇢ What are Assets and Liabilities in Accounting

⇢ The Accounting Equation

⇢ What is Revenue, Expense and Drawing

⇢ The Complete Accounting Equation

⇢ Basic Accounting Transactions

⇢ How to do a Journal Entry

⇢ What is Ledger & How to create One

⇢ How to calculate Depreciation (Balance Day Adjustment)

⇢ How to prepare trial balance

⇢ How to produce a Profit and Loss Statement

⇢ How to create Balance Sheet

⇢ Why monitoring Cash Flow is important for business

⇢ How to analyse financial reports to make informed decisions

⇢ MEANING AND BUSINESS ENTITY CONCEPT

⇢ Business entity concept

⇢ MONEY MEASUREMENT CONCEPT

⇢ GOING CONCERN CONCEPT

⇢ ACCOUNTING PERIOD CONCEPT

⇢ ACCOUNTING COST CONCEPT

⇢ DUAL ASPECT CONCEPT

⇢ REALISATION CONCEPT

⇢ ACCRUAL CONCEPT

⇢ MATCHING CONCEPT

⇢ Evolution Of Accounting

⇢ Book Keeping And Accounting

⇢ Scope And Functions Of Accounting

⇢ Groups Interested In Accounting Information

⇢ The Profession Of Accounting

⇢ Specialised Accounting Fields

⇢ Nature And Meaning Of Accounting Principles

⇢ Accounting Concepts

⇢ Accounting Conventions

⇢ Preparation Of Financial Statements

⇢ Tally Package

⇢ Key Words

⇢ Basic Ideas About Income And Expense

⇢ Classification Of Items In The Balance Sheet

⇢ Classification Of Liabilities

⇢ Capital Expenditure

⇢ Revenue Expenditure

⇢ Distinction Between Capital And Revenue Expenditure

⇢ Capital And Revenue Profits, Receipts And Losses

⇢ Depreciation

⇢ Ratio Analysis