Basic Accounting Part I
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Describe the double-entry bookkeeping system. Every transaction has two effects. For example, if someone transacts a purchase of food from a local store, he pays cash to the shopkeeper and in return, he gets food.
Journal entry :
Journalizing is the process of chronologically recording transactions.
- The General journal is the simplest and most flexible.
- A separate journal entry records each transaction.
- Useful for obtaining detailed information regarding a particular transaction.
The items entered in a general journal must be transferred to the general ledger. This procedure, posting, is part of the summarizing and classifying process. The general ledger contains all the same entries as those posted to the general journal, the only difference is that the data are sorted by date in the journal and by account in the ledger.
Balancing the ledger account:
a balance c/f (Carried forward-being the asset/liability at the end of the accounting period)
a balance b/f (Brought forward – being the asset/liability at the start of the next accounting period). These are left as they are as an opening figure that next period’s transactions and events can follow on from.
Trail balance & Adjustment:
One of the main objectives of the trial balance is to ensure that the total of all debits equals the total of all the credits.
A value-added tax, known in some countries as a goods and services tax, is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution or sale to the end consumer.
Journal or Daybook:
credit transactions to be entered in this journal
- Any students learning Cambridge IGCSE, A levels,
- Any students learning Edexcel GCSE , A levels
- Diploma in business Management
- Certificate in business management
- HND in business management
- CFA, ACCA, CIMA,MBA
- Under graduates
- Those who are doing own business ,
- Testing Training Included
- Over 50 lectures.
- You will able to do and understand all basic accounting problems
- This will helpful for next level of Accounting courses
- You can run your own business with this basic accounting knowledge
End of this course you can get the certificate after completion of quizzes
- Lectures 54
- Quizzes 2
- Duration 2hr 53min 49sec
- Skill level Beginners
- Language English
- Students 165
- Certificate Yes
- Assessments Self
DOUBLE & JOURNAL ENTRY
LEDGER OR "T" ACCOUNT
BALANCE THE "T" ACCOUNT
JOURNAL OR DAYBOOK