Lecture 135 m 44 s
As and when business transactions take place, two effects emerge from them. In this course we study these effects, and more!
The first step of preparing an account is the creation of a transaction, as well as its identification. When the word transaction is used,
- It has to be a business transaction
- It has to be economic transaction of business
- Economic transaction should have monetary value
- Business transaction can be in cash or in credit from
- Business transaction can be internal or external
In this course:
+ Meaning and classification of business transactions
+ Identification of cash and credit transactions
+ What are vouchers?
+ Dual effects of transactions
+ Types of accounts
+ Rules of debit and credit of accounts
+ Steps of debiting and crediting of accounts (Exercise)