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#1 Basic Introduction of Financial Accounting b.com financial accounting chapter 1

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Explained Modern System of Accounting and its Assumptions. Need and Advantages of Financial Accounting and Accounting Equation i.e. ‘Double Entry System’ of Accounting.

Student can also watch following lectures of Accounting :

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1. Bank Reconciliation Statement (BRS)

2. Single Entry System of Accounting (Concept & Procedure) Statement of Profit and Loss :

3. Rectification of Errors ~ Introduction and Concept :

4. Bills of Exchange :

Dwonload Assignments: .

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#1 Basic Introduction of Financial Accounting

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#1 Basic Introduction of Financial Accounting
b.com financial accounting chapter 1
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18 comments

Apurv Upreti 27/09/2021 - 3:59 AM

Short summary:

Assumptions ->

1. Bussiness entity assumption: Every Bussiness has a seperate unique identity(Lalaji and Dukaan are both different, maintain accounts of only bussiness entity which is Dukaan)

2. Money measurment assumption: Only write entry in terms of money(convert other units in terms of money), do not write any other things in accounts other than money

3. Going on concern: Bussiness is assumed to be long lasting, it is a continuing enterprise

4. Accounting period assumption: Life of business is divided into short terms, this is to enable different regesters for different period through which we could compare the growth of different periods

Common words->

1. Capital – Lalaji ke paise jo unne business mein dale ab wo paise dukaan ka capital ban gaya

2. Liabilities(karja) – Loan, Creditors(money yet to give to others), outstanding payments, agar lalaji ne kisi se dukaan ke liye udhaar liya to wo liability hai dukaan ki

3. Assets – Things, Debtors(money yet to recieve from others), Prepaid expense

Capital + Liabilities = Assets

Thank you Naresh sir for explaining the concepts in a wonderful manner.

Reply
Rani kumari keshri 27/09/2021 - 3:59 AM

Sir aap online padhate hai bcom semester 2

Reply
Zoseph Kumar 27/09/2021 - 3:59 AM

Janna chahate he

Reply
Aryan Singh Rajput 27/09/2021 - 3:59 AM

X = unknow

Reply
All In One 27/09/2021 - 3:59 AM

Sir you are king of Accounting

Reply
Sabbir Sheikh 27/09/2021 - 3:59 AM

I like the way of teaching

Reply
Ritik Kumar 27/09/2021 - 3:59 AM

start at 27:26

Reply
Neha(◕દ◕) 27/09/2021 - 3:59 AM

Sir can u pls tell me how representative account is treated with golden rule i.e debit the receiver credit the giver

Reply
Raushani Tejaswani 27/09/2021 - 3:59 AM

Sir plz suggest a book .

Reply
Sanjay Kumar 27/09/2021 - 3:59 AM

Jai naresh agarwal ji ki jai bharat

Reply
Golu Sharma 27/09/2021 - 3:59 AM

Mind blowing sir kya padate h

Reply
अभिप्रेरणा की आग 27/09/2021 - 3:59 AM

Lajawab //////////

Reply
Rinki Kumari 27/09/2021 - 3:59 AM

Good night sir

Reply
vandana shah 27/09/2021 - 3:59 AM

Next lecture ki video kon hi hai mereko mil hi nai rha

Reply
Vishanu upadhayay 27/09/2021 - 3:59 AM

Thanks you so much sir

Reply
Sitesh Nayak 27/09/2021 - 3:59 AM

Thank u sir

Reply
Shubhi Parmar 27/09/2021 - 3:59 AM

Sir bba sub 1st year semester 1hai kya ye

Reply
RAJENDERA KUMAR 27/09/2021 - 3:59 AM

Excellent teaching method,

Thanks Sir

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