1. What is Financial Accounting ?
• Financial accounting is the art or science of
recording, classifying and summarizing the
business transaction in significant manner
and interpreting the result and preparation of
Financial reports.
3. The following is the list
of Basic accounting
terms which I explain
briefly to help
accounting beginners.
4. Account:
It is device, which contains a systematic
record of increase or decrease in an
item during a certain particular period
of time.
Account Receivable /Debtor:
A person to who goods are sold on
credit by a business organization is
called account receivable or debtor.
Account Payable / Creditor:
A person from whom a business
organization or individual purchases
goods on credit is called creditor.
5. Assets:
The basic accounting terms Assets means
anything valuable possessed by a firm
with the following three features
1. qualifies as assets.
2. The legal title of ownership
3. Right to use Right to sale/dispose off
6. BOOKKEEPER:
A TRAINED AND QUALIFIED PERSON WHO COLLECTS,
RECORDS AND REPORT ON THE FINANCIAL TRANSACTIONS
CARRIED OUT BY A BUSINESS IS CALLED BOOKKEEPER.
NOTE THERE IS A DIFFERENCE BETWEEN BOOKKEEPER AND
ACCOUNTANT WE EXPLAINED IN ANOTHER SEPARATE
TOPIC ACCOUNTANT VS BOOKKEEPER
7. Summary
• For more Explanation, where I put complete
basic accounting terms dictionary you can
visit
commercepk.com/basic-accounting terms
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