accounting basics definition

1. Accounting basics
Definition by M Ahsan[cma]

2. Account
summarize record of transaction
to person and things is called account.

3. Accounting
it provide information to make
decision making it is identifying recording
and communicating.

4. Capital
 Amount with which trader start his business.

5. Drawing and liability
Cash and goods taken away from
business is called drawing.
They are debt due to business to its
proprietors and others.

6. Account receivable and account payable
 A person who owns money to other is called A/R.
 A person who payout something to other is called A/P.

7. Accounting equation
Assets = capital + liabilities