After covering the Basics of Accounts, we now move on to some more important concepts of Accounts.
Small traders do not maintain complete accounts as in double entry system. Instead they keep accounts or books with incomplete records.
The errors affecting trial balance must be detected and rectified in order to reveal a true picture of business.
"Depreciation maybe defined as a measure of the exhaustion of the effective life of an asset, due to any cause, during a given period."
In this course we learn the meaning and importance of reserves and provisions, along with other important concepts.
What is a bill of exchange? How is it used? Who are the parties involved? In this course we find the answers to these, and more.
Final accounts are prepared at the end of the accounting year to know the result and financial position of the business.
Just like a language has certain rules of grammar, certain principles are used in the language of accounting to understand it better.
Deshi nama system is a very old system, derived and adopted in the Indian subcontinent, to write accounts.