Accounting is an art of recording summarization generalization the records in terms.

aliza By aliza, 16th Sep 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/-izxcq2v/
Posted in Wikinut>Business>Accounting & Finance

Accounting is an art of recording summarization generalization the records.Accounting is maintained by two methods.In accounting cycle Journal is prepared which is known as original book of entry.The entries are recorded.Then ledger is prepared the items are recorded in chronological order in ledger.Then trial balance is prepared.It has two columns assets and liabilities.The balance should be same of the both side.Then the final account is prepared.It is prepared for calculating profit or loss.

Accounting

Accounting is an art of recording summarization generalization the records in terms of monetary events and interpreting the result their off.Items are categories as income expenditure assets and liabilities.Income:The earnings are known as income e.g.sales,rent earned etc.Expenditures:The expense are known as expenditures e.g.bills carriage,bad debts,rent paid,depreci. postage,interest wages etc.Asset:The items which benefits the company for more than one year is known as assets.Liabilities:Creditors due expense prepaid income capital accumulated depreciation tax.

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Accountant, Accounting, Accounting Education, Business

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author avatar Randhir Bechoo
19th Oct 2014 (#)

All your articles are interesting and informative.Thanks for the share

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