For corporations: Assets = … Accounting Concepts, Conventions, Bases & Policies •Concepts vs Conventions Concepts are the basic ideas, the theories on how and why certain categories of transactions should be treated in a particular manner. Understanding basic accounting concepts is a must for every small business owner.

Basic Accounting Concepts - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. Thus exchange of money, goods & services between the parties is …

Business Entity … Or exchange of values between two parties is also …

Accounting Concepts, Principles and Basic Terms . The financial position of all companies both large and small is measured by the following equation: For sole proprietorships: Assets = Liabilities + Owner’s Equity.

Definition and introduction. Find PowerPoint Presentations and Slides using the power of XPowerPoint.com, find free presentations research about Basic Accounting Concepts PPT . Business transaction: A business transaction is “The movement of money and money’s worth form one person to another”. The worldview of accounting and accountants may certainly involve some unhelpful characters poring over formidable figures stacked up in indecipherable columns. Sponsored Links Displaying basic accounting concepts PowerPoint Presentations.

Scribd is the world's largest social reading and publishing site. Presentation Summary : Describe the … For instance, getting goods for some amount of money has two effects: (1) paying cash and (2) receiving goods. However, a short and sweet description of accounting does exist: In business activity a lot of “give & take” exist which is known as transaction. Mode of Learning Accounting Learn Accounting Concepts (Ten Fundamental Accounting Concepts) Understand Accounting Conventions (Three major conventions) Classify the Accounting Events (Capital, Revenue, Deferred Revenue Expenditure) Apply the Accounting Rules (Personal, Real and Nominal Rules) Record the Transaction as a Journal (Entering the Debit and Credit Side of …

Accounting: It is an art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events which are of financial character and interpreting the results thereof. Basic Accounting Concepts - Cengage PPT. This concept, which is the cornerstone of accounting principles, assumes that making a record of transactions in the books of accounts has a dual outcome. Basic Accounting Principles Business Environment 60 5 BASIC ACCOUNTING PRINCIPLES 5.0 INTRODUCTION We have studied economic activities which have been converted into business activities. Once the theories have been established and tested and proved to be acceptable, the task of the Conventions is to set out the limit of their applications.

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