INTRO 1 ACCOUNTING final

INTRO 1 ACCOUNTING final - ACCOUNTING is the art of...

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ACCOUNTING is the art of recording, classifying and summarizing in significant manner and in terms of money ,transactions and events which are ,in part ,at least of a financial character and interpreting the result thereof,
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FUNCTIONS RECORDING CLASSIFYING SUMMARISING DEALING WITH FINANCIAL TRANSACTIONS ANALYSING AND INTERPRETING
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ACCOUNTING FINANCIAL ACCOUNTING MANAGEMENT ACCOUNTING 1. FINANCIAL ACCOUNTING: It is the original form of accounting. Mainly confined to preparation of financial statements for outsiders like shareholders,creditors,banks,etc. 2. MANAGEMENT ACCOUNTING: It is accounting for the management i.e. accounting which provides necessary information to the management for discharging it’s functions.
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JOURNAL/BOOKS OF ORIGINAL ENTRY LEDGER TRANSACTIONS TRIAL BALANCE FINAL ACCOUNTS
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TYPES OF ACCOUNTS ACCOUNTS PERSONAL REAL NOMINAL NATURAL ARTIFICIA L REPRESENTATIVE TANGIBLE INTANGIBLE EXPENSES AND LOSSES INCOMES AND GAINS
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From the following transactions find out the nature of  account and also state which should be debited and which  should be credited: a. Rent paid,                               g.  outstanding for salaries, b. Salaries paid,                          h.  Telephone charges paid, c. Interest received,                      i.  Paid to suresh., d. Dividends received ,                  j.  Received from mohan, e. Furniture purchased for cash,,   k.  lighting f. Machinery sold,
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transaction accounts involved Nature of accounts Debit/credit a. Rent paid Rent a/c, cash a/c Nominal a/c, Real a/c Debit credit b. Salaries paid Salaries a/c Cash a/c Nominal a/c, Real a/c Debit credit c. Interest received Interest a/c Cash a/c Nominal a/c, Real a/c credit debit d. Dividends received Cash a/c Dividends a/c Real a/c Nominal a/c Debit credit e. Furniture purchased Furniture a/c Cash a/c Real a/c Nominal a/c Debit credit f. Machinery sold Cash a/c Machinery a/c Real a/c Real a/c Debit credit
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transaction Accounts involved Nature of accounts Debit/ credit g. Outstanding for salaries Salaries a/c Outstanding salaries a/c Nominal a/c Personal a/c Debit credit h. Telephone charges paid Telephone charges a/c Cash a/c Nominal a/c Real a/c Debit credit i. Paid to suresh Suresh Cash a/c Personal a/c Real a/c Debit credit j. Received from mohan(proprieter) Cash a/c Capital a/c Real a/c Personal a/c Debit credit k. lighting Lighting a/c Cash a/c Nominal a/c Real a/c Debit credit
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ENTER THE FOLLOWING TRANSACTIONS  IN THE JOURNAL OF INDER FOR THE  MONTH OF JULY 2010:
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1 Inder commenced his business with capital of 100000 1 Bought machinery 30000 2 Bought goods for cash from Ram 15000 2 Sold goods for cash to Hari 40000 3 Purchased goods from Jai 22000 4 Cash sales 60000 5 Bought goods from Sunder 19200 5 Goods sold to Hari 32000 6 Bought goods from Ajai 23000 8 Bought office furniture for cash
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This note was uploaded on 12/20/2011 for the course MBA 1036 taught by Professor Sn during the Spring '11 term at Great Lakes Christian college.

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INTRO 1 ACCOUNTING final - ACCOUNTING is the art of...

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