Basic Accounting Terms
Basic Accounting Knowledge In Advance
Description
Basic Accounting Terms
Year : Calendar year and Financial year
Depreciation : Reasons of depreciation ➢ (i) Use of assets (ii) passage of time
Voucher
Goods and Its Types
Stock/Inventory and Its Types : Opening Stock and Closing Stock
Manufacturer, Trader and Insolvent
Proprietor
Debtor and Creditor
Bills Payable and Bills Receivable
Drawing, Entry and Account
Accountancy and Accounting
Cost and Its Element : Material, Labour and Overheads
Liability and Provision
Reserve and Bad Debts
Doubtful Debts and Bad Debts Recover
Transaction
Capital
Debit
Credit
Revenue
Expenses and Income
Profit, Gain and Loss
Purchase and Purchase Return / Return Outwards
Sale and Sale Return / Return Inward
Discount and Its Kind : Trade Discount and Cash Discount
Types of Capital & Revenue nature items : Capital nature items, Revenue nature items
Classification of Expenditure : Capital Expenditure, Revenue Expenditure
Capital Expenditure :- Contents #
➢Relation with fixed asset
➢Not for sale
➢Long term benefit
➢Increase the value of assets
➢Increase the profit earing capacity of the business
➢Rare expenditure
➢Shown in the asset side of the balance sheet
Example of Capital Expenditure
Revenue Expenditure :
Contents #
➢ Relation with production to sale of goods
➢ Short term benefit
➢ Routine expenses
➢ To maintain the assets but they do not increase the value of an asset.
➢ Do not increase the profit earning capacity of the concern but simply maintain it.
➢ Shown on the debit side of the trading and P/L Account.
Example of Revenue Expenditure
Classification of Income/Receipt
Capital Receipt and Its Example
Revenue Receipt and Its example
Differed Revenue expenditure
Classification of Liabilities
Assets and Its Classification
Goodwill
Copyright
Patent
Trademark
Commerce
Whole sale trade
Primary industry
Secondary industry
Father of accounting In India
What You Will Learn!
- Basic Accounting Terms
- Year : Calendar Year and Financial Year
- Depreciation and Its Types
- Voucher
- Goods and Its Types
- Stock/Inventory and Its types
- Manufacturer
- Trader
- Insovent
- Propitiators
- Debtors
- Creditors
- Bills Receivable
- Bills Payable
- Drawing
- Entry
- Account and Its Types
- Accountency
- Accounting
- Cost and Its Elements
- Liability
- Provision
- Reserve
- Bad Debts
- Doubtful Debts
- Bad Debts Recovered
- Transaction
- Capital
- Debit and Credit
- Revenue
- Income and Expenses
- Profit, Gain and Loss
- Purchase and Purchase Return
- Sale and Sale return
- Discount : Cash Discount and Trade Discount
- Types of Capital & Revenue nature items
- Classification of Expenditure
- Capital Expenditure and Example
- Revenue Expenditure and Example
- Classification of Income/Receipt Capital Receipt and Revenue Reciept
- Deferred Revenue Expenditure
- Classification of Liabilities
- Classification of assets
- Goodwill
- Patent
- Copyright
- Trademark
- Commerce
- Father of the Accountancy in India
Who Should Attend!
- Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.