BASIC ACCOUNTING TERMINOLOGY

BUSINESS TRANSACTIONS
Those transaction which relates to business and can be measured in monetry terms is called business transaction.
ASSETS
Those things owned by business are known as assets.
TYPES OF ASSETS
Fixed assets-These assets are acquired for long term use in business.
Current assets-These assets,also known as circulating,fluctuating or floating assets change their values constantly.
Fictitious assets-Those assets which do not have physical form.They do not have any real value.
Tangible assets-Those assets having physical existence which can be seen and touched are known as tangible assets
Intangible assets-Those assets which do not have physical form, which can only be feel.eg.-goodwill,patents
Liquid assets-Those assets which can easily be converted into cash.
CAPITAL
Capital consists of all current assets and fixed assets.
TYPES OF CAPITAL
Fixed capital-The amount invested in acquiring fixed is called fixed capital.
Floating assets-Assets purchased with the intension of sales.
WORKING CAPITAL-
The part of capital available with the firm for day to day working of the business is known as working capital.

DETAIL STUDY ABOUT ACCOUNTING

DETAIL STUDY ABOUT ACCOUNTING

Accounting is an art of identifying, classifying, recording, summarizing and interpreting business transaction of financial nature.

CHARACTERISTICS OF ACCOUNTING

1. Economic events
2. Identification, measurement, recording and commuication
3. Organisation
4. Interested users of information

For detail study about these characteristics refer Accounts books.............

OBJECTIVES OF ACCOUNTING

1. Maintaining proper record of business transaction
2. Calculation of profit or loss
3. Depiction of financial position
4. Providing effective control over the business
5. Making information available to various groups

For detail study about these objectives refer Accounts books.............

ACCOUNTING STUDY CLUB

                         

                          ACCOUNTING STUDY CLUB

                              established on July2012

President's name-Vishesh Singh

Qualification-Certified Industrial Accountant,CAstudent,PGDM 2012-14

Institute-Indian Institute Of Business Management

Communication-IIBM,Budh Marg, Patna

Mob:-8252793937

This Accounting Study Club is approved by Executive Director of IIBM Rohit Singh Sir and this club works under the rules and regulation framed by IIBM

PURPOSE OF THIS CLUB

The main aim of this club is to serve the students who are weak in Accounts but they are trying to learn specially for management students whose future depends upon Accounts.The other purpose is to inspire and aware the students about the value of Accounting.

ACTIVITIES OF CLUB

• Group discussion
• Workshop training
• Solve the problems relating facts
• Learn by doing exercise
• Focus on facts and application

VOICE OF THIS CLUB

              DO IT                      LEARN IT                       PRACTISING IT

                                                                                                                           President

                                                                                                                        Vishesh Singh