Free accounting knowledge

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  • Financial Statements

Two basic financial statements are prepared by an enterprise one is profit and loss statement and other is balance sheet

  • Accounting Equation

Three components of a balance sheet can be stated in the form of following basic accounting equation
Assets = liabilities + capital
This equation tells at the glance that the resources of this enterprise total and these assets are financed by two source
also known as outsiders claims and owner equity .

  • Business Transactions

It can be a purchase of goods , collection of money , payment to creditors for goods and expenses . An event to be a transaction must possess the quality of economic substance , relate to business and affect the economic results .

  • Assets

These are economic resources of an enterprise fixed assets are assets held on a long term basis , such as land , building , machinery and plant etc. Current assets are assets held on a short term basis such as debtors bills receivables , stock , cash and bank
  • Liabilities

These are the obligations or debts that the enterprise must pay in money or services at sometime in the future . They represent creditors , claims against assets of the firms.

There are 2 points if you wish to get this free accounting knowledge .

1.You must have save you energy and money
2. Your aim is to get knowledge and then next it also give to another without any cost.

It may be noted that the American institute of certified public accounts , in 1941 defined accounting as the specialised art of recording , classifying and summarizing in a significant manner transaction terms of money which are of a financial character and interpreting the result . In the course of the time the definition has become broader to include imparting economic information to permit informed judgements and decisions .

2 Economic events have been defined as happenings of consequence to a business entity

Basic terms in accounting

You must learn all thing without cost . this is free of cost . But you will learn honestly


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Accounting Education: Free accounting knowledge
Free accounting knowledge
Accounting Education
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